WXFORECASTER
Jul 14th 2009, 04:26 AM
By JENNIFER MALLOY ZONNAS - AP Business Writer
Television station owner Sinclair Broadcast Group Inc. has warned it may be forced to file for Chapter 11 bankruptcy protection as it struggles with continued declines in advertising spending and a hefty debt load.
The Baltimore-based company, which owns 58 TV stations in 35 markets, said in a regulatory filing Friday that the recession continues to hurt its advertisers, including those in the automotive industry, which have historically made up a quarter of the company's total ad sales.
The company also has a heavy debt burden. At March 31, it had $1.33 billion of total debt outstanding, and holders of its 3 percent convertible senior notes and 4.875 percent senior subordinated notes may require Sinclair to buy back nearly $500 million worth of that debt within the next 18 months.
Link to the entire article: http://www.bnd.com/business/story/843711.html
Television station owner Sinclair Broadcast Group Inc. has warned it may be forced to file for Chapter 11 bankruptcy protection as it struggles with continued declines in advertising spending and a hefty debt load.
The Baltimore-based company, which owns 58 TV stations in 35 markets, said in a regulatory filing Friday that the recession continues to hurt its advertisers, including those in the automotive industry, which have historically made up a quarter of the company's total ad sales.
The company also has a heavy debt burden. At March 31, it had $1.33 billion of total debt outstanding, and holders of its 3 percent convertible senior notes and 4.875 percent senior subordinated notes may require Sinclair to buy back nearly $500 million worth of that debt within the next 18 months.
Link to the entire article: http://www.bnd.com/business/story/843711.html