Botched Asset Sales Push Granite Into Chapter 11

Law360, New York (December 13, 2006, 12:00 AM EST) -- Hearings began Wednesday in the Chapter 11 case of Granite Broadcasting Corp., a New York media company that entered court with more than $600 million in debt and a prenegotiated reorganization plan.

Lawyers with Akin, Gump, Strauss, Hauer & Feld LLP filed Granite’s petition for relief on Dec. 11 in the U.S. Bankruptcy Court for the Southern District of New York. The company listed $443.6 million in assets and $641.1 million in debts, as of Sept. 30.

The company’s Chapter 11 filing, which will be handled...
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