Creditors Force Pappas Owner Into Bankruptcy

Law360, New York (May 16, 2008, 12:00 AM EDT) -- Creditors of bankrupt television station owner Pappas Telecasting Inc. have pushed the company’s chairman and chief executive into bankruptcy, claiming he personally owes $30 million on a loan made to the company.

PTI’s creditors, led by Fortress Credit Corp., filed an involuntary petition for Chapter 7 on behalf of Harry J. Pappas on Monday in the U.S. Bankruptcy Court for the District of Delaware, two days after PTI and about 20 of its subsidiaries filed voluntary petitions in the same court seeking Chapter 11 relief....
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