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Oklahoma City Broadcasting Co., owner of KGMC-TV Channel 34 filed a Chapter 11 bankruptcy petition on Thursday, Oklahoma City bankruptcy court documents revealed.
Assets totaled $5.5 million and liabilities $14.2 million, the company stated in the petition filed in the U.S. Bankruptcy Court for the Western District of Oklahoma.
Secured debt totaled $3.37 million in the filing signed by Ted F. Baze, president of the company which began operation in October 1979.
Last August, the Oklahoma Educational Television Authority Foundation submitted an application of intent to operate the station with the Federal Communications Commission.
The application came after Pappas Telecasting Companies, a Visalia California broadcasting company,...