Young Broadcasting, which owns the Bay Area's KRON 4, has filed for bankruptcy. Below is an excerpt from
Young's official release to employees:
On Friday, February 13, 2009, we announced that in order
to facilitate our balance sheet restructuing, we filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code in New
York. We have more than 20 million dollars of cash on hand and plan to
continue to operate our business in the ordinary course as we
reorganize. Our television station will continue broadcasting without
interruption, our employees will be paid as usual and our vendors and
suppliers will be paid for all post-petition goods and services.
Chapter 11 bankruptcy is a tool to enable us to restructure our debt
and strengthen our business so that we can better navigate the current
challenging economic environment and compete in the marketplace
effectively. Our company generates significant profits, but those
profits are not sufficient to support all of our debt. While we are in
Chapter 11 bankruptcy, we will negotiate with our lenders and creditors
to restructure and reduce our debt. We took this decisive action to
make us a stronger and more financially secure company.
Young owns the following stations throughout the country:
WATE 6 News in Knoxville
WKRN News 2 in Nashville
KLFY TV 10 in Lafayette, Louisiana
KRON 4 in San Francisco
KELO-LAND TV in Sioux Falls, South Dakota
KWQC-TV6 in Davenport, Iowa
WBAY-TV in Green Bay, Wisconsin
WLNS TV 6 in Lansing, Michigan
WTEN in Albany, New York
WRIC in Richmond, Virginia
