Young Broadcasting files for bankruptcy
Owner of 10 TV stations plans to restructure its debutNEW YORK -- Add Young Broadcasting to the growing list of media companies filing for Chapter 11 bankruptcy.
The owner of 10 TV stations said Friday it has filed for Chapter 11 to restructure its debt, joining cable operator Charter Communications and video game maker Midway Games, which had announced such moves earlier in the week.
N.Y.-based Young's stations are affiliated with the CBS and ABC networks.
"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," chairman Vincent Young said. "It is important to note that we are restructuring our debt, not our operations."