PHOENIX: A bankrupt ad agency active in the Hispanic market has left two Denver stations among its largest creditors. The Denver Business Journal reports that Arvizu Advertising & Promotions owes nearly $635,000 to the two Spanish-language broadcasters. KCEC-TV, Univision affiliate owned by Entravision, is owed $468,761. KDEN-TV, an NBC O&O Telemundo station, is owed $165,524. The two stations are among the agency’s largest creditors.
Arvizu is described as one of the oldest PR and marketing firms in Phoenix. The agency filed for Chapter 11 on June 28, The Arizona Republic said. Arvizu was driven to bankruptcy as its clients spent less money. Clients included Wells Fargo, America West, McDonald’s and others. Creditors include Qwest Communications, CBS Outdoor and Clear Channel Outdoor. The company owes around $3 million to its 20 largest creditors.
Arvizu is one of the largest minority-owned businesses in Phoenix, generating $113 million in revenues for 2007, the city’s local Biz Journal said. A meeting with creditors is set for July 28 at the U.S. Bankruptcy Court in Phoenix.
-- Deborah D. McAdams
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