Newspaper article THE JOURNAL RECORD

Kgmc-TV Owner Files Chapter 11 Bankruptcy

Newspaper article THE JOURNAL RECORD

Kgmc-TV Owner Files Chapter 11 Bankruptcy

Article excerpt

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, offered to provide an additional $1 million toward the total purchase price of $3.6 million for the station, if Pappas could complete the purchase of one of two other UHF Stations in Oklahoma City.

Harry Pappas, president of Pappas Telecasting Companies proposed a $30 million deal involving Oklahoma City's three independent television stations - KOKH-TV Channel 25, KGMC-TV Channel 34 and KAUT-TV Channel 43.

Pappas proposed the purchase of KOKH-TV as a commercial station, selling KAUT-TV to a religious organization and selling KGMC-TV to the educational television authority, which would make KOKH the only commercial UHF station in Oklahoma City. …

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