Freedom Communications, which owns WWMT in Kalamazoo and WLAJ in Lansing, filed for bankruptcy protections on Tuesday.
The Kalamazoo Gazette reports that the filing was made in the U.S. Bankruptcy Court for the District of Delaware in Wilmington, Del. According to those filings, the Gazette reports, Freedom has assets of between $500 million and $1 billion and $1 billion in debts. Among those debts are $770 million in debts owed to a group of banks owned by J.P. Morgan Chase.
The Irving, CA company’s website says it owns stations in Albany, NY; Chattanooga, TN, Beaumont, TX; West Palm Beach, FL; and Medford, OR. The company also owns and publishes newspapers across the south.
In June the company ordered a company wide reduction in wages, and on Tuesday, the company announced it had reached an agreement with creditors.
As Michigan’s economy has faltered, many Michigan media groups have filed for bankruptcy protections, including Young Broadcasting which owns WLNS, the Lansing CBS affiliate. Other companies, such as Gannett have avoided bankruptcy with layoffs.