Pappas Telecasting Companies

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Bankruptcy

On May 10 2008, thirteen of Pappas' stations filed for Chapter 11 Bankruptcy 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, Delaware. The company reported in court filings that it has more than $536 million in debt and $460 million in assets. Problems that led to bankruptcy included poor performance of The CW network, its now-former involvement with Azteca America, and preparations for the 2009 analog shutdown. Stations involved in the bankruptcy are KMPH-TV, KFRE-TV, KPTM, KXVO, WCWG, KPTH, KMEG, KTNC-TV, KAZH, KDBC-TV, KREN-TV, KAZR-CA and KCWK. It was later ordered on September 10, 2008 that the affected stations must be sold off by February 15, 2009. [http://www.tvnewsday.com/articles/2008/09/24/daily.7/] Its other stations, and the corporation itself, is not part of the bankruptcy. [http://www.radio-info.com/smf/index.php/topic,99461.0.html] Fact|date=May 2008

On May 14 2008, company founder Harry J. Pappas filed for Chapter 7 bankruptcy at the Delaware court, where a judge could order his personal assets sold to pay off creditors. [http://www.fresnobee.com/263/story/601856.html]

On May 27 2008, KCWK in Yakima, Washington, ceased operations as a result of the bankruptcy. [http://www.yakima-herald.com/stories/4515]

On September 17, 2008 bankruptcy trustee E. Roger Williams put KREN and its repeaters under contract to Entravision Communications for $4 million, which would double as a minimum bid for the station as it goes up for auction in late October. [http://www.tvnewsday.com/articles/2008/09/24/daily.7/]

Television Stations By Market

Station formerly owned by Pappas

External links

* [http://www.pappastv.com Welcome to Pappas Telecasting Companies]
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* [http://www.tvnewsday.com/articles/2008/09/24/daily.7/ TV Newsday: "Pappas Saga Turning Into Tragedy" (9/24/2008)]