.G. Cable TV Owner Files For Bankruptcy Protection
Maryland Cable Corp., which owns the cable television system serving northern Prince George’s County, filed for bankruptcy protection yesterday, almost six years after purchasing the system for a near-record price.
Although the company said the recent government action cutting cable TV prices complicated efforts to solve its financial problems, Maryland Cable had long been troubled by high debts as a result of the junk bond-financed acquisition of the system in 1988.
The cable television system will continue to operate while Maryland Cable’s finances are reorganized with a “prepackaged” plan - already approved by some creditors - under Chapter 11 bankruptcy protection.
Maryland Cable Corp., which owns the cable television system serving northern Prince George’s County, filed for bankruptcy protection yesterday, almost six years after purchasing the system for a near-record price.
Although the company said the recent government action cutting cable TV prices complicated efforts to solve its financial problems, Maryland Cable had long been troubled by high debts as a result of the junk bond-financed acquisition of the system in 1988.
The cable television system will continue to operate while Maryland Cable’s finances are reorganized with a “prepackaged” plan - already approved by some creditors - under Chapter 11 bankruptcy protection.
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