Radio Station KBET-AM Files for Reorganization
KBET, the only radio station in the Santa Clarita Valley, filed for reorganization under Chapter 11 of the federal bankruptcy laws.
The July 23 filing “will allow us to catch our breath and reposition the debts” of the 1,000-watt station on 1220 AM, said Carl Goldman, a consultant brought in to oversee the station’s restructuring. Under Chapter 11, a company is protected from creditors’ lawsuits while it works out a strategy to pay its bills.
The station listed assets of $275,000 and debts of $2.3 million.
KBET, owned by Canyon Broadcasters Inc. in Canyon Country, has struggled under financial and legal problems since it debuted in mid-1989. Last month, it indefinitely laid off several on-air personalities and switched to a format of playing only Beatles songs. The station switched formats again last week and now plays “oldies” music.
Canyon Broadcasters is attempting to sell the station, which plans to retain its “oldies” format at least until it is sold, Goldman said.
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