Tag Archives: bankruptcy

Citadel prepares to file for bankruptcy

The nation’s third-largest radio company is headed for Chapter 11.

Citadel Broadcasting is expected to file for bankruptcy by Dec. 31, according to a report last week in the Wall Street Journal. The company would swap $2 billion in debt to lenders for an equal stake in a reorganized operation.

The broadcaster’s stations in Birmingham are:

  • WAPI (1070 AM), news/talk
  • WJOX (94.5 FM), sports/talk
  • WSPZ (690
 AM), sports/talk
  • WUHT, Hot 107.7, R&B
  • WWMM, Live 100.5
, Adult Album Alternative
  • WZRR (99.5 FM), Classic Rock 99
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CBS 42 owner clears bankruptcy

cbs42-logoNew Vision Television, owner of CBS 42 (WIAT) in Birmingham, emerged from Chapter 11 bankruptcy this month. We first reported the bankruptcy in July.

The company, based in Atlanta and Los Angeles, owns 14 stations nationwide.

“New Vision now has one of the strongest balance sheets in our sector,” Jason Elkin, CEO and founder of New Vision, said in a statement. “Being debt-free will enable us to invest in our people, our product and complementary acquisitions to drive New Vision forward, while our competitors continue to focus on daily liquidity and covenant compliance.”

New Vision made no job or benefit cuts linked to the reorganization, the company said.

Other local TV notes:

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Read more Birmingham media updates.

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CBS 42 owner files for bankruptcy

Also, WB 21 / My 68 owner also considers filing for bankruptcy

New Vision Television filed for bankruptcy Monday. The company, based in Atlanta and Los Angeles, owns 16 stations nationwide including CBS 42 (WIAT) in Birmingham.

The company, which goes by the name New Vision Television, said in a statement it has an agreement that will eliminate more than $400 million in debt and provide it with capital to continue its operations. The company secured $30 million in new financing, according to the statement.

“Our daily business operations will not miss a beat,” said Jason Elkin, chief executive officer, in the statement.

Jobs and employee benefits will be “intact,” operations will continue as usual “and as soon as the pre-arranged court process has ended, New Vision will emerge as a nimble, well-financed company,” he said.

Update: The CBS 42 Twitter feed called the movegood for us- no layoffs and more good news coming today.” The station hired former NBC 13 anchorman Ken Lass to start Sept. 1.

Meanwhile, Baltimore-based Sinclair Broadcast Group faces a heavy debt load ($1.33 billion) and declining ad sales, like most TV owners. It warned in an SEC filing that it may be forced for file for bankruptcy.

Sinclair owns and operates WB 21 (WTTO) and My 68 (WABM) in Birmingham.

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