The Pacifica Foundation, a network of progressive stations, has been offered a $2 million loan to pay off part of its debts. Pacifica’s creditor won a judgment in court and the right to seize Pacifica’s bank accounts and properties because the company is $8 million in debt.
One of Pacifica’s problems is $1.8 million in back rent owed to the New York City-based Empire State Realty Trust, which is where Pacifica’s WBAI is located. According to The Mercury News, the $2 Million loan was offered to the company by Los Angeles supporters of the station and will be voted on by the board this week. The company’s bigger problem is that it does not take in enough money to cover its debts so even if it takes this loan, it’s really just kicking the can down the road toward Chapter 11.
Pacifica owns WBAI in New York City, WPFW in Washington DC, KPFT in Houston Texas, KPFK in Los Angeles, and KPFA in the San Francisco Bay Area.