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Channel 6 in financial trouble

July 29, 2010

Priovidence TV station WLNE has gone into receivership, the state equivalent of a Chapter 11 bankruptcy.
The station;s lawyer, Allan Shine,, says the company has defaulted in a $9.5 million loan but is still making its payroll. A superior court judge has appointed Providence lawyer Matthew McGowan to run the station.
Channel 6, the longtime lowest rated major network-affiliated news station in the Providence market, was purchased by Global Broadcasting at the height of the real estate boom. It has suffered from an industry-wide slump in advertising.
Receivership allows a company to restructure its debt and reorganize its finances. The station could be sold off as part of this process.

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