Young Broadcasting Files for Bankruptcy

Young Broadcasting filed for Chapter 11 late Friday (Feb. 13) in the United State Bankruptcy Court for the Southern District of New York. During the process, the TV group plans to continue operating its 10 TV stations.

“It is important to note that we are restructuring our debt, not our operations,” said Vincent Young, chairman of Young Broadcasting. “We believe that the Company will emerge from Chapter 11 better equipped to thrive in this changing economic environment with less leverage.”

The financially stressed company has been unable to find a buyer for KRON-TV, Young’s MyNetworkTV affiliate in San Francisco and its largest-market TV station. Young purchased KRON in 2000 for a record $820 million. It put the station up for sale in January 2008 and took it off the market last November.