Pappas Selling 10 Stations
Thirteen Pappas stations have been operating under Chapter 11 protection since May.
By Michael Malone -- Broadcasting & Cable, 11/19/2008 5:20:00 AM
Pappas Telecasting will put 10 stations on the bankruptcy auction block Dec. 11, reports the Wall Street Journal. Thirteen of Pappas’ stations have been operating under Chapter 11 protection since May. Just after those stations moved into Chapter 11, three of Pappas’ lenders pushed for involuntary Chapter 7 petitions for Pappas Telecasting chairman Harry Pappas and his wife.
In August, Pappas and its lenders agreed to the appointment of a Chapter 11 trustee to oversee the debtors’ operations, financial affairs and sale process. This happened after negotiations broke down between Pappas and its lenders.
The stations to go on the block include outlets in El Paso, Omaha and Sioux City, as Pappas continues to pay down a heavy debt load.
Pappas owns 27 stations and calls itself “the largest privately-held, commercial television broadcast group in the United States in terms of U.S. household coverage.” A few months ago, it sold six stations, mostly low power ones, in Nevada and California to Entravision for $4 million.
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"Harry Pappas and his ''empty suits'' have been mismanaging t.v. stations for years. I'm quite surprised it took this long for him to go bankrupt.
He has run stations on 'shoestring' budgets and hired sub-par talent for years. Good luck Harry and Mr. Howard Shrier...you're going to need it." --- Quote Per Mr. Stephen Adams
Stephen, you must have a hallow soul of suits! Come on now. If you have a disgruntled home life, a 9 to 5 temporary job or are just plain old mad of ones existence, I can understand but whatever the reason you DO NOT need to give blows below the belt. Another words you are going to need some good luck for your bad KARMA. Best check yourself! Chin up and bone up. I mean Good Luck!
Dennis Adams - 8/21/2010 9:03:02 PM EDT -
Harry Pappas and his ''empty suits'' have been mismanaging t.v. stations for years. I'm quite surprised it took this long for him to go bankrupt.
He has run stations on 'shoestring' budgets and hired sub-par talent for years. Good luck Harry and Mr. Howard Shrier...you're going to need it.
Stephen Adams - 11/30/2008 12:33:00 AM EST
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