01.27.2009 11:55 AM
Young Broadcasting Delisted
Young Broadcasting (YBTVA) has been dropped from NASDAQ. The New York pure-play TV company received a notice today from the NASDAQ hearing panel that it’s common stock would be removed from the exchange. Trading was suspended as of this morning’s opening bell.
Young said it does no intend to appeal NASDAQ’s ruling and is working to get its stock listed on the over-the-counter bulletin board. Young warned, however, that there was no guarantee its shares would be listed on the OTCBB. Shares have been trading at just pennies.
Young last week announced that it skipped a $6.1 million interest payment due Jan. 15 on 8.75 percent notes due 2014. The company is struggling to restructure its debt. Young is saddled with debt from paying more than $820 million for KRON-TV in San Francisco when it was still the NBC affiliate there. NBC subsequently bought its own station and pulled its programming from KRON.
Young has been warning of bankruptcy since last November. The group comprises 10 TV stations, including five ABCs, three CBS affiliates, and NBC, and a MyNetwork. Young’s markets include Nashville and Knoxville, Tenn.; Albany, N.Y.; Richmond, Va.; Green Bay, Wis.; Lansing, Mich.; Lafayette, La.; Sioux Falls, S.D.; Davenport, Iowa; and San Francisco.