Creditors for Inner City Media Corp, the owner radio stations WBLS and WLIB have filed an involuntary Chapter 11 bankruptcy petition.
Bloomberg News reports the creditors listed $254 million in debt in a filing Friday in U.S. Bankruptcy Court in Manhattan.
Inner City purchased WLIB in 1970 and acquired WBLS two years later.
The company, with additional stations in California and South Carolina, features programming geared to black listeners.
Inner City was founded by the late Percy Sutton, a former Manhattan borough president, and a group of more than 50 African-American shareholders.