With its stock at $.04 (that’s 4 cents), Young Broadcasting has filed for Chapter 11 bankruptcy protection. “It is important to note that we are restructuring our debt, not our operations,” said Young Chairman Vincent Young in a statement. “We believe that the Company will emerge from Chapter 11 better equipped to thrive in this changing economic environment with less leverage.” Young Broadcasting is the owner of KRON, WKRN and eight other TV stations.
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I wonder if they are wishing they hadn’t bought KRON.. Hmmm…
I’m sure they are.
i don’t want to say you 2 above have it totally backwards, but young seems thrilled that they bought kron. now they can (and will) LEGALLY screw their creditors, bondholders and shareholders (presumably alot of longtime employees) while still drawing huge salaries for themselves and protecting their properties.
by their own words they don’t seem interested in restructuring the business… only the debt.
i could be wrong… their san francisco web property looks alot better than i recall it in the past.
KRON sucks unless Darya Folsom is still there…RRRRRRROOOWLLL
I worked at a Young station, longtime mid-market #1 station with a lot of longtime employees, many of whom seemed to have a LOT of company stock.
Bondholders have a seat at the table and Young looks like its worth more dead than alive.
Just because they file Ch. 11 does not mean they won’t be forced into Ch. 7 liquidation. I wouldn’t be suprised if a judge agreed.