The Tennessean newspaper is reporting that Young Broadcasting is set to be auctioned off on July 14 and that all of its 10 stations, including KRON in San Francisco and WKRN in Nashville, will most likely be sold together, along with all of Young’s other assets.
In February, Young filed for Chapter 11 bankruptcy in New York. At the time, Vincent Young, Chairman of the company, explained, “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.” It appears that even though ownership will change on July 14, the company will still operate in tact.