Young Broadcasting Files Chapter 11 By Staff TVNEWSDAY
Feb 14 2009, 7:32 AM ET http://www.tvnewsday.com/articles/2009/02/14/daily.1/ Young Broadcasting Inc. announced Friday evening that "to restructure its balance sheet and to ensure the company's long-term financial health," it has filed for Chapter 11. Young said it plans to continue operating its television stations without interruption. Vincent Young, the company's chairman, said: "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. We believe that the company will emerge from Chapter 11 better equipped to thrive in this changing economic environment with less leverage. I strongly believe that our Chapter 11 filing is in the best interests of Young Broadcasting, its viewers, advertisers, employees, and other key constituents." Young Broadcasting has set-up a toll-free reorganization hotline (866-212-0222), for viewers, advertisers, employees or other interested parties who may have questions about the reorganization. In addition, parties are encouraged to visit the company's Chapter 11 case information website at http://chapter11.epiqsystems.com/ybc, for updates and other information. Young Broadcasting owns a national television representation firm, Adam Young Inc., and the following stations: * WKRN-TV in Nashville, Tenn. (ABC) * WTEN-TV in Albany, N.Y. (ABC) * WRIC-TV in Richmond, Va. (ABC) * WATE-TV in Knoxville, Tenn. (ABC) * WBAY-TV in Green Bay, Wis. (ABC) * WLNS-TV in Lansing, Mich. (CBS) * KLFY-TV in Lafayette, La. (CBS) * KELO-TV in Sioux Falls, S.D. (CBS) * KWQC-TV in Davenport, Iowa (NBC) * KRON-TV in San Francisco (MyNetwork) -- ================================ George Antunes, Political Science Dept University of Houston; Houston, TX 77204 Voice: 713-743-3923 Fax: 713-743-3927 Mail: antunes at uh dot edu *********************************** * POST TO [email protected] * *********************************** Medianews mailing list [email protected] http://lists.etskywarn.net/mailman/listinfo/medianews
