Skip to content

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.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: