 Granite later announced that it would sue CBS and Time Warner over the failed deal.On July 18, 2006, the deal to sell to DS Audible also fell apart, and on December 11, 2006, Granite filed for Chapter 11 bankruptcy reorganization after missing an interest payment on its $400 million+ debt.Granite emerged from bankruptcy in June 2007 under control of Silver Point Capital, which also took over another bankrupt broadcasting company, Communications Corporation of America (a key Fox affiliate group in smaller markets within the Southern U.S.), later that year.