Ch. 29 owner eyes possible Ch. 11 filing - Business First of Buffalo:

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The Baltimore-based company, which operates WUTV and My Buffalo TV in theBuffali market, said its advertising revenue has been impactefd by the battered automotive industr y scaling back on spending. Sinclaire (NASDAQ: SBGI) had $1.3 billion in outstanding debt as ofMarcy 31, according to an 8-K filed with the July 10. Automotive advertising represents around 25 percent ofthe company’x advertising revenue. But that fell to nearly 14 percent in the first quarterof 2009. The companu has a total of 58 TV stationxs in35 markets, also said a “relative lack of politicaol advertising in 2009” will impactt its business.
Sinclair said in the 8-K that Standard Poor’s recent downgrade of the company will likelh make it more expensive to borrowa capital or refinance debt when some payments come due in the next 18 Standard & Poor’s downgraded Sinclair’s credit ratingb to B+ in June, citing debt concernw and soft TV ad spending. The ratio of the company’zs debt to its earnings was 6.3 timesa as of March 31, according to It would need to bring that below 6 timea to return toa BB- negativd rating. But S&P expects that ratio could hit 7 timesd laterthis year. Sinclair postede an $86 million loss in the first quarter of the largely ona $130 million non-cash charge.
Its revenuew fell 17 percent that quarter because of declining locak and national ad Sinclairlost $241 million in 2008 on revenues of $754.5 million. Its stock closesd down nearly 21 perceng Mondayto $1.46.