KHON2 owner files for bankruptcy - Pacific Business News (Honolulu):

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Atlanta-based , which owns 14 stationsw acrossthe U.S., filed for Chaptet 11 reorganization in Delaware in an effort to refinance $410 millioh in debt. The company, whose biggest market is Ore., said the bankruptcy is meaning it expects to complet a deal with its lenderxs quickly and that the move will have no impact on KHON or any of itsotherd stations. "Despite the Hawaii advertising marketplacedbeing down, KHON2 is still weatherinv the downturn better than most and has planes in place for major upgrade its news set, on-air graphic and newsgathering facilities," said KHON President and General Manage r Joe McNamara. KHON has 77 employees.
that a group of lenderds who holdabout $270 milliob in debt plan to form a company that will take over NV’sx operations. The lenders have agreed to providee $30 million in new money to cover the cost of the bankruptcy andcontinuing operations. from the Montecito Broadcastr Groupof California. Montecito bought the statiom in 2005.