Sinclair Broadcasting (SBGI) Continues Lower Following Chapter 11 Bankruptcy Warning
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Shares of television broadcasting company, Sinclair Broadcast Group (Nasdaq: SBGI) are tanking once again this morning following an SEC filing after the close Friday that warned investors that the company could be forced to file for Chapter 11 Bankruptcy. After falling more than 21% yesterday, downside is even sharper today: the stock is currently down 35% to $0.95.
In the Form 8-K filing, Sinclair said, "We may not be able to address the put options exercisable in May 2010 and January 2011, related to our 3.0% Notes and 4.875% Notes, respectively. The inability to refinance or retire such notes on their respective put dates could have a significant negative impact on our operating results, the value of our securities and our financial condition, and could cause us to consider other restructuring and deleveraging alternatives, including a voluntary bankruptcy filling under Chapter 11 of the U.S. Bankruptcy Code.
Notably, shares of Sinclair are seeing extremely heavy volume, already surpassing its average daily volume just 30 minutes into the trading session.
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