Wednesday, July 15, 2009

KOIN and Teufel Nursery file bankruptcy

From the Portland Business Journal:

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.

This station gets bought and sold every year. I feel sorry for the few employees who work there.

In other bankruptcy news Teufel Nursery filed bankruptcy last month. There isn't a story on it yet but a Google search confirms the rumors. I was really surprised by this because they sold a 100 acre nursery to Polygon Homes at the peak of the bubble.