More at San Jose Mercury News: “Young Broadcasting Inc., owner of Channel 4 KRON-TV and nine other television stations, filed for bankruptcy court protection in New York, according to court filings. In a petition for Chapter 11 protection, the New York-based company listed assets of $575.6 million and debt of $980.4 million. The company said it has $640 million of publicly traded debt.
"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. It is important to note that we are restructuring our debt, not our operations," says Chairman Vincent Young in a written statement.”
-- The slow erosion of traditional media in the Bay Area has started. KRON's first, the question is who's next?
"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. It is important to note that we are restructuring our debt, not our operations," says Chairman Vincent Young in a written statement.”
-- The slow erosion of traditional media in the Bay Area has started. KRON's first, the question is who's next?
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