Law360, New York (February 17, 2009, 12:00 AM EST) -- TV station owner Young Broadcasting Inc. has sought Chapter 11 protection, pointing to a heavy debt burden and a decline in advertising exacerbated by the economic downturn as factors that led to the filing.
Young Broadcasting Inc., which owns and operates 10 TV stations, filed for bankruptcy along with 24 affiliates Friday in the U.S. District Court for the Southern District of New York. Young Broadcasting said it had more than $575 million in assets and $980 million in debts as of September 30.
The bankruptcy...
Young Broadcasting Pushed Into Ch. 11
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