Creditors File Bankruptcy Petitions vs. Harry Pappas

Pappas Telecasting chairman Harry Pappas said Thursday that three of the lenders in the Fortress loan group that financed some of the company's station purchases filed involuntary bankruptcy petitions (Chapter 7) against him and his wife, Stella. On May 10, 13 of Pappas' 30 stations filed for Chapter 11, a voluntary bankruptcy proceeding in which the company reorganizes and creates a schedule for paying off its creditors over time.
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