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.
http://www.marketwatch.com/news/story/pappas-telecasting-files-bankruptcy-blames/story.aspx?guid=%7BBD3264A3%2D7A33%2D4F4C%2DA513%2DC5E210DC5C28%7D
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