The Young Broadcasting assets are to be auctioned off July 14 in New York, according to a report in the Tennessean newspaper, which says the company will be sold or reorganized as a whole, according to its attorneys at the Sonnenschein Nath & Rosenthal law offices.
Young filed for Chapter 11 bankruptcy in February. Its 10 stations include KRON San Francisco and WBAY Green Bay. At the time, Chairman Vince Young said the move "will allow the company to bring its debt in line with current economic realities so that we can emerge a stronger and more financially secure company....We believe that the company will emerge from Chapter 11 better equipped to thrive in this changing economic environment with less leverage."
Calls to Young
Broadcasting were referred to Sonnenschein Nath & Rosenthal. The law firm
did not deny the auction, but did not comment on it either.
