Houston-based Johnson Broadcasting is the latest victim of the struggling economy, filing voluntary Chapter 11 bankruptcy Monday in U.S. Bankruptcy Court, Southern District of Texas.

Court documents list Douglas R. Johnson as sole owner of the Houston firm and 85 percent owner of Johnson Broadcasting of Dallas. Both firms filed for Chapter 11 reorganization and are seeking to have their cases administered jointly.

According to court documents, Douglas Johnson also filed personal voluntary Chapter 11 on the same day.

Documents indicate the companies have assets of $10 million to $50 million and a similar amount in liabilities. The company owes unsecured creditors more than $3 million.

The companies' two stations, KNWS in Houston (DMA 10) and KLDT in Dallas (DMA 5), remain on the air.

KNWS, an independent station that began operations in 1993 broadcasts in analog and digital. KLDT, also an independent, began operating in digital-only format in January 2007 after selling its analog channel to Qualcomm.

The company is operating as a debtor in possession. It has asked the bankruptcy court for permission to pay its 22 employees and a hearing is scheduled for Friday on that motion.

Johnson Broadcasting is the latest station owner to file bankruptcy amid plummeting ad sales and declining revenues. Pappas Telecasting filed Chapter 11 bankruptcy in May. That case is being overseen by U.S. Bankruptcy Court in Delaware.