A broadcasting company that owns three television stations in one city and other channels in a few other locations has filed for Chapter 11 bankruptcy. The broadcasting company filed for bankruptcy after losing a case in which a major television studio sued the company for not paying programming fees. The broadcasting company has also been sued by two other major television studios and lost or settled all three of the civil suits.

The failure to pay programming fees has resulted in over $3 million in debt. The most recent case resulted in the company being ordered to pay a production company $1.4 million, and last year the company was ordered to pay another production company $1 million.

While the company has about $800,000 in assets, it will need to organize its debt if the broadcasting company has any chance of staying afloat after these three nonpayment cases. The company hopes to have a solid reorganization plan ready within the next six months.

If your company is faced with serious debt, talk to a South Texas bankruptcy attorney about your options. Filing for Chapter 11 bankruptcy might be the solution you need to keep from closing your company's doors. To learn more, contact the Malaise Law Firm today.