Young Broadcasting Files For Chapter 11
Beleaguered broadcaster seeks bankruptcy protection to restructure debt
By Michael Malone -- Broadcasting & Cable, 2/14/2009 7:29:12 AM MT
Young Broadcasting, its stock sitting at $.04, announced it was seeking Chapter 11 bankruptcy protection.
"Our decision to restructure through a Chapter 11 filing will allow the Company to bring its debt in line with current economic realities so that we can emerge a stronger and more financially secure company," said Young Chairman Vincent Young. "It is important to note that we are restructuring our debt, not our operations. We believe that the Company will emerge from Chapter 11 better equipped to thrive in this changing economic environment with less leverage. I strongly believe that our Chapter 11 filing is in the best interests of Young Broadcasting, its viewers, advertisers, employees, and other key constituents."
Young owns 10 stations, including KRON San Francisco and WKRN Nashville. It was delisted from the NASDAQ exchange in late January.
-
It appears the Young Stations may be taken over by Silver Point Capital - an investment firm...
Brian Trombetta - 2009-22-2 13:31:42 -
Most of Young's problems came as a result of NBC being mad because they got outbid. Granted there...
Eric Post - 2009-16-2 14:56:13 -
Hey daddy...I killed your...
Jeff Kroll - 2009-16-2 06:17:14 -
Will be interesting to see what NBC does in San Fran now. More at...
Stock Insider - 2009-15-2 19:13:54 -
Not surprised, the management was more interested in legal matters, stock prices and paid little...
Herb Rossin - 2009-14-2 19:12:32
Net Revenue Down 1.8% At Young
05/06/2008Young Broadcasting Calls Off Auction
07/14/2009
