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Sinclair considers bankruptcy

July 14, 2009 by Veronica Villafañe

Falling ad revenues and a $1.3 billion debt load is making Sinclair Broadcast Group Inc. think about filing for bankruptcy protection.

According to the Baltimore Sun, in a filing with the Securities and Exchange Commission, Sinclair said it doesn’t have the cash to pay its debt and it can’t sell its non-TV assets because of a lack of buyers with access to credit. So, it may consider restructuring through a voluntary Chapter 11 bankruptcy filing.

The Baltimore-based company owns or provides programming or sales to 58 television stations. The company’s weakened stock tumbled at the news. It has scheduled a conference call for this afternoon to discuss its plans.

Filed Under: TV & Radio

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Veronica Villafañe, Editor & Publisher

Emmy award-winning journalist and former president of the National Association of Hispanic Journalists (NAHJ). Most recently, a reporter for Voice of America, she has worked as an on-air reporter, anchor, writer and producer for Spanish and English-language TV, print and online media, including Univision, Telemundo, Fox 11 News in L.A. and the San Jose Mercury News.

She is also a Hispanic media and entertainment contributor to Forbes.

Full bio here
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