Tallahassee-based Black News Channel files for bankruptcy, says it’s $10M to $50M in debt
2 min readJust a single company working day following saying its sudden conclusion — shocking about 200 workforce and failing to satisfy payroll Friday — the Black News Channel now has submitted for Chapter 11 personal bankruptcy.
The Tallahassee-primarily based outlet, which served Black and other underserved communities, explained concerning 200 and 999 collectors are owed money and stated $10 million to $50 million in liabilities, in accordance to paperwork filed in the Northern District of Florida Personal bankruptcy Court.
Some of the lenders that are owed the biggest quantity of income include The Affiliated Press, $105,682 CNN, $123,366 CBS Information, $96,012 and Comcast, $77,739.
First protection of closure: ‘It’s a sad day’: Tallahassee-centered Black Information Channel ceases functions, airs very last exhibit
According to an staff who asked to stay anonymous, employees acquired an email Thursday that their previous 3 weeks of fork out would be delayed.
“This enraged lots of of my coworkers and a lot of of them refused to even go into the place of work (Friday),” that human being wrote in an electronic mail to the Democrat.
The following working day, the ceasing of functions was officially introduced in a mass email to the network’s workers just ahead of 3 p.m.
“It’s with a broken heart that I am letting you all know that, productive promptly, BNC will cease dwell manufacturing and file for bankruptcy,” CEO Princell Hair wrote to the in excess of 200 staff. “We are saddened and let down by this truth and figure out the anxiety that this puts on you and your family members.”
Evolution of the Black News Channel:
A press release released by the business Tuesday mentioned they “processed and funded payroll on Monday.”
But an personnel informed the Democrat that he most of his colleagues have received partial payment but “are continue to owed 1 week’s really worth of pay” as of Wednesday afternoon: “I come to feel for the talented journalists, editors, designers, writers and producers who are out of the blue out of positions.”
► Had been you an staff at the Black Information Channel and want to share your tale? E-mail reporter Christopher Cann at [email protected]
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This report at first appeared on Tallahassee Democrat: Immediately after shutting down, Tallahassee-based Black News Channel data files for bankruptcy