Sinclair Broadcasting Warns of Possible Bankruptcy

Authored by Mark Hefflinger on July 14, 2009 - 9:40am.

Baltimore - As the ongoing recession continues to take its toll on advertising, Baltimore-based Sinclair Broadcast Group said in a filing with the Securities and Exchange Commission that it may be forced to file for Chapter 11 bankruptcy protection.

The company said that it had $1.33 billion of outstanding debt as of March 31, and currently lacks the cash to pay back roughly $500 million in notes that could come due in the next 18 months.

Sinclair, which owns or provides services to 58 TV stations in 35 markets, said that it is negotiating with lenders to restructure the notes.

"Under certain circumstances, creditors may file an involuntary petition for bankruptcy against us," the company said.

Related Links:
http://snipurl.com/n8fd6 (SEC filing)

http://www.sbgi.net