NEW YORK, Dec. 24 (UPI) -- Adelphia Communications, hoping to sell itself at auction, lost billions during the past three years and earlier underreported losses, a new audit says.
The nation's fifth-largest cable operator by subscribers, has attracted several potential buyers, the Wall Street Journal said Friday.
Forced into bankruptcy protection in 2002 because of an accounting and corporate-looting scandal, Adelphia posted losses of $7.25 billion in 2002 and $6.17 billion in 2001, mostly due to asset write-offs. It also reported $839.9 million in net losses in 2003, the audit says.
Its first audited financial statement released since 2002 also said it failed to report $1.7 billion in losses in the years before 2001.
Meanwhile, founder John Rigas and his son, Timothy Rigas, the company's former chief financial officer, are awaiting sentencing on convictions for numerous counts of criminal fraud and conspiracy.
