Lenders Try To Force Pappas Into Chapter 7
May 15, 2008 at 5:24 PM (PT)
Three of PAPPAS TELECASTING COMPANIES' eleven lenders from the FORTRESS loan group have filed Chapter 7 involuntary bankruptcy petitions against HARRY J. PAPPAS and his wife STELLA as individuals.
PAPPAS said that he and his wife will battle the move in court. "This was a precipitous action taken by three of the non-bank lenders in the FORTRESS loan group after various of my affiliated television stations filed for Chapter 11. We are confident that the petition filed against us will be converted to a Chapter 11 or, as likely, be entirely dismissed by the court," said PAPPAS.
13 of PAPPAS' TV stations filed for Chapter 11 bankruptcy on MAY 10. PAPPAS owns two radio stations, Talk KTRB-A/SAN FRANCISCO and Talk KMPH-A (THE PATRIOT)/MODESTO.