Rochester, NY 7/15/2009 4:30:44 AM
SBGI - Sinclair Broadcasting Group Forsees Possibility of Bankruptcy
Sinclair Broadcast Group, Inc., SBGI
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Sinclair Broadcasting Group Inc. warned investors that it may have to file for bankruptcy in yet another sign of the financial woes facing traditional media outlets with heavy debt loads amid the recession and the rise of digital media. Shares of Sinclair recently fell 30% to $1.01. The Baltimore-based company, which operates 58 TV stations in 35 markets, said in a regulatory filing that it will face a cash crunch if its lenders exercise options to require about $500 million worth of debt payments within the next 18 months. It's currently in negotiations with lenders to restructure its debt, but the company also disclosed that it has been unable to sell its non-TV assets because of a lack of buyers with access to credit.
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