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.