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.