Granite broadcasting goes bankrupt.One of the largest black-owned media broadcasting companies in the country. Granite Broadcasting Corp. in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (No, 29 on the BE INDUSTRIAL/SERVICE 100 list with $137 million in sales), filed for Chapter 11 bankruptcy protection at the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York. The company listed more than $640 million in outstanding debts. Granite provides programming. sales, and other services to 23 channels in at least seven stales and services about 6% of all U.S. television-viewing households. Between fiscal years 2003 and 2005. Granite reported net losses of more than $229 million. "We have been candid about Granite's need to reconstructure the balance sheet," says Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. W. Don Cornwell W. Don Cornwell is CEO, Chairman, and co-founder of Granite Broadcasting. He also sits on the board of directors of Avon Products, Pfizer, and CVS. Prior to founding Granite, Mr. Cornwell served as a vice president Goldman Sachs. (1976 to 1988). . "Our ability to sell stations formerly affiliated with the WB Network in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Detroit was unsuccessful." Cornwall contends that the demise of the WB and the fact that these sales did not come to fruition were key reasons Granite filed for bankruptcy. In January, the company received approval from the U.S. Bankruptcy Court for a line of credit of up to $25 million in order to maintain its operations during the financial overhaul. |
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