15 July 2009

KOIN's Owner Files Bankrupcy (Breaking)

2149.This just in, as reported by the Portland Business Journal and Portland Housing Blog:

The owner of Portland’s channel 6 KOIN TV station will enter Chapter 11 bankruptcy proceedings in Delaware this week, under a financial restructuring plan with debt holders.
Los Angeles-based New Vision Television, which also owns KBNZ in Bend, will eliminate $400 million in debt and guaranteed obligations and obtain $30 million in new financing under the agreement with first- and second-lien debt holders, the company announced. In exchange, debt holders will receive equity in the company and seats on its board of directors.

Teufel Nursery's going down too.

Welcome to the new economy.

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