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Atlanta-based , which owns 14 stations across the U.S., filed for Chapter 11 reorganizatio in Delaware in an effort to refinance $410 millio n in debt. The company, whose biggest market is Portland, Ore., said the bankruptcyt is prepackaged, meaning it expects to complet e a deal with its lenders quickly and that the move will have no impacf on KHON or any of itsother stations. "Despite the Hawaii advertising marketplacebeing down, KHONw2 is still weathering the downturn better than most and has planzs in place for major upgrade its news set, on-ai graphics and newsgathering facilities," said KHON President and Generap Manager Joe McNamara. KHON has 77 employees.
that a group of lenders who holdabout $270 millionh in debt plan to form a company that will take over NV’s The lenders have agreed to provide $30 milliob in new money to cover the cost of the bankruptcy and continuing operations. from the Montecitio Broadcast Groupof California. Montecito bough t the station in 2005.
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