Creditors have forced Harry J. Pappas into a bankruptcy filing. The Chapter 7 filing, which took place Monday, could lead to a court-ordered sale of his personal property to pay off massive debt.
The move comes just days after Pappas Telecasting filed for Chapter 11. His efforts to save his television company and avoid financial disaster are at stake, as creditors claim Pappas personally owes them $15 million.
According to the Fresno Bee, Lenders Fortress Credit Opportunities, Ableco Finance LLC and Silver Oak Capital LLC, are asking for an interim trustee to be appointed to protect their interests and secure the Pappas assets while the matter can be sorted out.
Pappas Telecasting, based in Visalia, owns 30 television and two radio stations across the United States. Pappas started the company in 1971, when he put KMPH on the air.