• Dow Jones, Monday, February 16, 2009 12:45 PM

Young Broadcasting, the New York television station operator, filed Chapter 11 federal bankruptcy late last week. Young says it plans to continue operating its 10 TV stations without interruption. The company is "restructuring our debt, not our operations," says dhairman Vincent Young. "We will emerge from Chapter 11 better equipped to thrive in this changing economic environment with less leverage."

The company, which also operates the television-representation firm Adam Young Inc., has five stations affiliated with ABC network, three with CBS, one with NBC, and one with News Corp.'s MyNetwork.

A year ago, Young Broadcasting tried to sell its San Francisco TV station, the MyNetwork affiliate KRON-TV, and claimed it had received significant interest from potential buyers. Young said then that it had hired Moelis & Co. as financial adviser on the sale process and hoped to have a deal in place in the first quarter of 2008. Young acquired KRON-TV from Chronicle Publishing in 2000.

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