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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