Saturday, February 14, 2009
KRON owner files Chapter 11
Young Broadcasting, whose financial condition has gone downhill since it paid a record $823 million for KRON Channel 4 in 1999, has voluntarily filed for Chapter 11 bankruptcy court protection while it reorganizes its finances. The operator of 10 stations says it plans to keep all of them on the air during bankruptcy proceedings. The move comes a month after Young was kicked off the Nasdaq stock exchange after its share price had fallen into penny-stock range. The company had been hinting at a possible bankruptcy filing in recent months after missing interest payments on long term debts. KRON, a MyNetworkTV affiliate, is the chain's largest station. The other nine stations are network affiliates in smaller markets in the Midwest and New York state.