Pappas Telecasting announced over the weekend that several of its properties have filed for Chapter 11 bankruptcy protection. In a press release, they blame the breakdown of negotiations between the company and non-bank lenders in resolving financial issues and a downturn in ad revenue. Lousy CW ratings are also mentioned.
Only 13 of their stations have filed for bankruptcy. Pappas owns another 17 television and 2 radio stations, which are not included in the Chapter 11 filings. Among those filing for protection, several Tu Visión stations, including KTNC in San Francisco, KAZH in Fresno and KAZR in Reno, which eliminated its Spanish-language newscasts in March, sparking a lawsuit from its former employees.