07.16.2008 12:03 PM
Pappas Looks to Borrow $5 Million
Pappas Telecasting is looking for a $5 million loan while it goes through bankruptcy proceedings and seeks a buyer for its 30 TV and two radio stations. The U.S. Bankruptcy Court in Delaware gave Pappas the go-ahead July 3, according to The Fresno Bee.

The newspaper said the money would come from lenders that include several Pappas creditors who forced the bankruptcy, filed in early May. Thirteen of the 30 TV stations were covered in the filing, instigated by lenders owed $303 million and who bailed out on the sale effort.

Pappas put itself up for sale last December. The Dow Jones has reported that Pappas had more than $536 million in debt compared to $460 million in assets.

CEO and Founder Harry Pappas put $2 million in the company to keep the stations going while a sale was structured under the supervision of the court, according to published reports. The Fresno Bee said the additional $5 million wasn“t imperative for continued station operations, but rather for a “reserve” while a buyer is found.

Pappas attributed its financial troubles on the duplicated cost of doing simultaneous digital and analog operations, as well as poor ratings on The CW network, though only five of the 13 stations under bankruptcy protection were CW affiliates.

The Pappas stations under Chapter 11 in U.S. Bankruptcy Court for the District of Delaware include CW affiliates KFRE-TV in Visalia, Calif., KXVO-TV in Omaha, Neb., WCWG-TV in Greensboro, N.C., KREN-TV in Reno, Nev., and KCWK-TV in Yakima, Wash.; Fox affiliates KPTM-TV in Omaha, KMPH-TV in Visalia and KPTH-TV in Sioux City, Iowa; CBS affiliates KMEG-TV in Sioux City and KDBC-TV in El Paso, Texas; and TuVisión affils KTNC-TV in San Francisco, KAZH-TV in Houston and KAZR-TV in Reno.

Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found

Thursday 11:07 AM
The Best Deconstruction of a 4K Shoot You'll Ever Read
With higher resolutions and larger HD screens, wide shots using very wide lenses can be a problem because they allow viewers to see that infinity doesn’t quite resolve into perfect sharpness.

Featured Articles
Discover TV Technology