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Low Ad Sales Drive TV Station Owner To Ch. 11

Law360 (May 12, 2008, 12:00 AM EDT) -- Pappas Telecasting Inc., the largest privately held commercial television broadcaster in the U.S., has filed for Chapter 11 bankruptcy protection along with several of its television-station-owning subsidiaries.

On Saturday, the Visalia, Calif.-based company and about 20 of its subsidiaries filed voluntary petitions seeking Chapter 11 relief in the U.S. Bankruptcy Court for the District of Delaware. PTI listed assets of almost $460 million and debts of $537 million.

In an affidavit in support of the Chapter 11 filings, PTI Chairman and CEO Henry Pappas blamed the...
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