KRON-TV owner files for bankruptcy

February 13, 2009 10:29:22 PM PST
The Bay Area's KRON-TV (Channel 4) is broadcasting under bankruptcy protection.

Young Broadcasting, which owns KRON, says it will continue to operate its 10 stations while it restructures its debt.

The company issued a statement saying it expects to emerge from Chapter 11 as a more financially secure company.

"Our decision to restructure through a Chapter 11 filing 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. It is important to note that we are restructuring our debt, not our operations," says Chairman Vincent Young in a written statement.