 On May 10, 2008, 13 of Pappas' stations, including KREN-TV and KAZR-CA, filed for Chapter 11 bankruptcy protection.Pappas cited "the extremely difficult business climate for television stations across the country" in papers filed with the U.S. Bankruptcy Court in Wilmington, Delaware.The company reported in court filings that it had more than $536 million in debt and $460 million in assets.