updated 9/27/2004 8:29:36 PM ET 2004-09-28T00:29:36

Adelphia Communications Corp. on Monday reported a net loss of nearly $63 million in August as it worked to emerge from bankruptcy and sell its assets.

In filings with the Securities and Exchange Commission, Adelphia also said a bankruptcy judge had approved bonus plans to retain key employees over the next few months. The plans could cost $30.8 million, the filings said.

Adelphia, the nation's fifth-largest cable television operator, filed for bankruptcy protection two years ago. Last week, the company announced it planned to sell its assets in seven geographic clusters.

Adelphia's SEC filings reported August revenue of more than $327 million. It said operating losses were $30 million and other expenses, primarily interest, were $32.7 million for a net loss of $62.9 million.

The filings said the bankruptcy judge had approved two incentive programs to retain key employees. One would pay incentives after nine months, and the other would pay bonuses after the company was sold.

Adelphia filed for bankruptcy in New York after founder John W. Rigas and others were accused of looting the company and cheating investors out of billions of dollars.

John Rigas and his son Timothy later were convicted of conspiracy, bank fraud and securities fraud. Another Rigas son, Michael, was acquitted of conspiracy charges but the case ended in a mistrial with jurors deadlocked on 17 counts against him. A fourth executive was found not guilty of conspiracy and securities fraud.

Adelphia was based in Coudersport, Pa., but now has its headquarters in the Denver suburb of Greenwood Village. The company has 5.3 million cable subscribers in 31 states and Puerto Rico.

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