Young Broadcasting, the parent company of WLNS-TV Channel 6, the CBS affiliate in Lansing, has filed for Chapter 11 bankruptcy. Chapter 11 allows the company to re-organize.
Young owns ten television stations in nine states including the flagship station KRON in San Francisco.
From a company press statement on its website, the reasons for the bankruptcy filing were explained as follows:
“Our decision to restructure through a Chapter 11 filing will allow the Company to bring its debt in line with current economic realities so that we can emerge a stronger and more financially secure company. It is important to note that we are restructuring our debt, not our operations. We believe that the Company will emerge from Chapter 11 better equipped to thrive in this changing economic environment with less leverage. I strongly believe that our Chapter 11 filing is in the best interests of Young Broadcasting, its viewers, advertisers, employees, and other key constituents,” said Vincent Young, Chairman of Young Broadcasting.
The filing will not hamper current station operations in Lansing or elsewhere the company assured stock holders.