WKRN parent Young Broadcasting files for bankruptcy protection
Posted on February 13, 2009 at 3:53 pmA letter from company CEO Vincent Young courtesy of the station’s blog:
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.
The full bankruptcy petition can be seen here.
