Financial services company MF Global filed for bankruptcy protection yesterday, and surprisingly CNBC is one of the company’s larger creditors. MF Global owes CNBC nearly $850,000, and while that pales in comparison to the more than $1.2 billion it owes JPMorgan Chase or the $325 million it owes Deutsche Bank, it still makes the cable news channel its seventh-largest creditor.
Why would a financial services company owe a TV channel money? Business Insider’s Joe Weisenthal says he figured it out: unpaid advertising sales. MF Global was a significant advertiser on CNBC, with ads such as the one below, which is unintentionally funny now that the company is bankrupt: