All Posts: bankruptcy

REGENT FILES FOR BANKRUPTCY

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by Bob Hamilton 03/01/2010
0 comments 2755 views, last edit on 03/01/2010
Radio station owner,  Regent Communications Inc( RGCI.PK) filed for Chapter 11 protection as part of a prearranged deal that will cut its debt by $87 million and transfer majority ownership of the reorganized company to certain funds managed by Oaktree Capital Management LP. Under the plan, current stockholders will get about 12.8 cents for each share they own."The restructuring process will have no impact on Regent's day-to-day operations and w...
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Tags: regent, bankruptcy

NEXTMEDIA ALSO FILES FOR BANKRUPTCY

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by Bob Hamilton 12/21/2009
0 comments 2783 views, last edit on 12/21/2009
NextMedia owner of 36 radio stations in 8 states filed for bankruptcy reorganization in Delaware today. The pre-arranged plan will give controlof the company to certain creditors. Under the plan, first lien debt and general unsecured claimed will bepaid in full while second lien debt will be converted into 95% ownershipof the company, which also owns an outdoor advertising business.The amount of debt was listed from $100 million to ...
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Tags: bankruptcy, nextmedia

CUMULUS REVAMPS LOANS..BUYS TIME

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by Bob Hamilton 07/01/2009
0 comments 4522 views, last edit on 07/01/2009
While reports that several giant radio companies are wrestling with loans and might be facing bankruptcy proceedings of some kind, Cumulus reports that they have been able to adjust their payments and are okay for now...Here is their current press release

Cumulus Media Inc. (NASDAQ: CMLS) (the “Company”) today announced that it has entered into an amendment to its senior secured credit facility, which was overwhelmingly approved b...
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Tags: cumulus, bankruptcy

260 RADIO STATIONS HAVE GONE DARK...5% OF TV STATIONS IN BANKRUPTCY

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by Bob Hamilton 04/22/2009
0 comments 6490 views, last edit on 04/22/2009
The news from media financial experts during the  "restructuring in a changing financial climate" session at the NAB Show in Vegas on Tuesday was hard to hear.  Some 90% of radio/TV stations are having to go back to banks and ask for restructuring of their loans. Many of their advertisers have cut back because of the recession and that's made the bottom line and the monthly payments, more difficult to hit.  One report is that 5% of commercial TV...
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Tags: nab show, bankruptcy