Bankruptcies Getting Bigger and Bigger
First we had bankrupcies increase about 50% in April. Then we had the largest city in CA to ever vote to file BK. Now this:
Pappas Telecasting Files For Bankruptcy
By Peg BrickleyLast update: 3:10 p.m. EDT May 10, 2008
The largest privately-held commercial broadcast operator in the U.S., Pappas Telecasting Inc., filed for Chapter 11 Saturday with plans to sell its 30 TV stations under bankruptcy court protection. Pappas cited "the extremely difficult business climate for television stations across the country" in papers filed with the U.S. Bankruptcy Court in Wilmington, Del. The Fresno, Calif.-based company reported in court filings it has more than $536 million in debt and assets of $460 million. Pappas-owned TV stations are affiliated with a number of broadcasters, and include two of the nation's top-ranked Fox affiliates, KPMH of Fresno, Calif., and KPTM in Omaha, Neb.
Expect a lot more in coming weeks including more bank failures like ANB last week.