Three Fortress loan group lenders that financed some of Pappas Telecasting’s station purchases filed involuntary bankruptcy petitions (Chapter 7) against Harry Pappas and his wife, Stella, Mr. Pappas claimed, Broadcasting & Cable reports. Thirteen of Pappas’ 30 stations filed for Chapter 11 on May 10, the newspaper says. Pappas plans to fight the Chapter 7 petitions, which may be converted to Chapter 11, the newspaper notes.
—Vlada Gelman