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.
Stephen Adams - 11/30/2008 12:33:00 AM EST
Chapter 11 for 13 Pappas Stations
05/18/2008Judge Approves Sale Of Pappas Stations
01/16/2009Peter Pappas Out at Pappas Telecasting
01/17/2008Freedom Enters Chapter 11
09/02/2009
