The owner of KHON television station has filed for bankruptcy protection.

Atlanta-based NV Broadcasting LLC yesterday filed for Chapter 11 reorganization in Delaware in a move to slash $400 million in debt.

The company said the bankruptcy is a prepackaged reorganization that will have no impact on KHON, its employees and its programming.

"It won't have a negative impact on Hawai'i," said Joe McNamara, KHON's president and general manager.

New Vision operates at least 18 television stations across the country. It acquired KHON two years ago from Montecito Broadcast Group of California.

KHON employs about 75 people.

In its bankruptcy filing, NV listed assets of $10 million to $50 million and debts of $100 million to $500 million.

In a news release, NV said the bankruptcy is a pre-arranged reorganization that has the consent of its secured creditors.

The company said it will receive about $30 million in new financing to cover continued operations and growth.

KHON, a Fox affiliate, has dominated Hawai'i television news ratings for years, led by popular anchor Joe Moore.

The company has lost its lead in the 10 p.m. late news slot recently but retains the popular 6 p.m. news rating.

The decline in viewership came as previous owner Montecito made significant budget cuts at KHON.