White Knight Holdings and Communications Corporation of America, which together own or operate 23 television stations, filed for bankruptcy protection after failing to agree on restructuring plans with lenders.

The two privately held companies, which have family connections and work closely together, have had the stations on the market as a group since last fall.

Day-to-day operations of the stations won’t be affected during the bankruptcy reorganization, White Knight President Sheldon Galloway and Communications Corporation of America Chief Financial Officer Steve Pruett said in separate statements last week.

Revenue and cash flow at the TV stations are improving this year and the stations “expect to report a robust second half of 2006,” Pruett said.

The Chapter 11 bankruptcy case was filed in U.S. Bankruptcy Court for the western district of Louisiana.