MobiTV has refuted an earlier report that suggested the company was poised to cease operations on May 2 and terminate its 86 employees, saying company-issued warnings to that effect were merely requirements of its ongoing bankruptcy process.
VidAngel, which provides edited versions — no nudity, “unwanted” language, violence — of video content streamed on Netflix and Amazon Prime, said its trustee in bankruptcy has filed a reorganization plan.
Burdened with $530 million in debt, LBI Media Inc. and 17 of its affiliates and subsidiaries have filed for Chapter 11 relief in the Bankruptcy Court for the District of Delaware, announcing plans for a company reorganization. The privately owned Spanish-language media company operates EstrellaTV network, 10 television and 17 radio stations across the U.S.
The bankruptcy auction for the sale of The Weinstein Co. has been moved to May 4 from an original date of May 2, and creditors want stalking horse bidder Lantern Capital to explain how it values separate pieces of the company’s assets in its $425 million bid.
The scandal-ridden Weinstein Co. said Monday it has filed for bankruptcy protection and entered into a “stalking horse” agreement with an affiliate of Dallas-based Lantern Capital Partners, meaning the equity firm has agreed to buy the company, subject to approval by the U.S. Bankruptcy Court in Delaware.
The largest U.S. radio company filed for Chapter 11 bankruptcy protection as it struggles to deal with its $20 billion debt pile.
Embattled iHeartMedia Inc. is circulating documents for a bankruptcy filing that could come as soon as this weekend for the biggest U.S. radio broadcaster. Advisers to some of iHeart’s senior creditors have been shown bankruptcy papers that would be used on the first day of court proceedings, according to people with knowledge of the matter.
The Weinstein Co. appears headed for bankruptcy four months after larger-than-life film mogul Harvey Weinstein was brought down by multiple allegations of sexual misconduct and assault. Dropping a Sunday night bombshell, the board of TWC said it has no choice but to pursue bankruptcy in a sharply worded letter rebuking potential buyers Maria Contreras-Sweet and Ron Burkle, who were part of a group of investors looking to redeem the film and production company.
There are some hurdles ahead as the radio group seeks to restructure its $2.3 billion in debt.
Just ahead of debt default, the nation’s second-largest radio group yesterday filed for bankruptcy while offering a restructuring plan to reduce debt by more than $1 billion. “Our existing secured lenders will become our new majority shareholders.”
The New York company says in the filing that it has as much as $500 million in debt and up to $100 million in assets.
The broadcast group pays $31.25 million to add to its portfolio the Nebraska stations KFXL Lincoln, KHGI Kearney, KHGI-LD O’Neill, KWNB-LD Hayes Center, KWNB-LD McCook and KHGI-CD North Platte.
Bids for the stations, all in Nebraska, are due by 5 p.m. on Oct. 19, with the auction set for Oct. 27
Aereo, the defunct streaming-TV service shuttered last year over copyright violations, raised less than $2 million from the sale of its assets in a bankruptcy auction this week. An attorney for Aereo calls the results disappointing. The company had expected to bring in anywhere from $4 million to $31.2 million.
On Friday, a jury in U.S. District Court in Little Rock, Ark., found that the transfer of Equity Media Holdings Corp.’s Retro Television Network to Equity’s Chairman-CEO, Henry Luken, for $18.5 million “was a constructively fraudulent transfer,” as alleged by Equity’s bankruptcy trustee. The jury awarded $47.4 million to the bankruptcy trustee. Luken Communications LLC turned around and on Sunday filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Chattanooga.
The company’s broadcasting division, which includes WGN Chicago that’s carried on many cable services, generated an operating profit of $366.5 million last year, up 10% from $332 million in 2011. Broadcasting revenue edged up 4% last year to $1.14 billion.
Tribune Co. creditors won a court stay Wednesday of last month’s order confirming the company’s plan to exit bankruptcy, so long as they pay a $1.5 billion bond.
The judge overseeing Tribune Co.’s bankruptcy adjourned a hearing today on the company’s reorganization plan and said he’ll issue a decision by July. With some of parties in the case still haggling over some final language for the plan, Delaware Bankruptcy Court Judge Kevin Carey left open the possibility of a follow-up conference call on Monday if they can’t resolve their differences and send him the final plan by next week.
You won’t find Tribune Co.’s bankruptcy lawyers looking in the want ads any time soon. Professional fees topped $150 million last month in the newspaper publisher and television station operator’s Chapter 11 case.
Tribune Co bondholders led by hedge fund Aurelius Capital Management on Monday filed a revised bankruptcy reorganization plan for the media company, hoping to overcome objections by senior creditors.
David Kurtz, a managing director for Lazard Ltd., was the first witness in a two-week hearing that could decide the fate of the media conglomerate. U.S. Bankruptcy Judge Kevin Carey must decide whether to approve Tribune Co.’s proposed reorganization plan, a competing plan submitted by dissident bondholders, or neither.
After 27 months of legal wrangling, Tribune Co. and its creditors today are finally headed into what could be the deciding chapter of the company’s tangled bankruptcy saga.
On Tuesday, Tribune filed a letter with its bankruptcy court judge, then re-filed it the next day with lots of blacked-out material. Among the redacted material: details on the $268 million insider bonanza the year before the Chapter 11 filing and the payment of $23.7 million to big lender J.P. Morgan Chase & Co. out of the view of the bankruptcy judge.
Metro-Goldwyn-Mayer has emerged from bankruptcy protection, the studio announced on Monday.Its exit from Chapter 11 means that Spyglass chiefs Gary Barber and Roger Birnbaum will assume leadership immediately as co-chairmen and CEOs.
In a move that underscores the dramatically changing of tastes of television viewers and the overleveraged finances of some media companies, the once-vibrant Robert Halmi Inc. production company has filed a prepackaged Chapter 11 reorganization in New York Bankruptcy Court.
Bankrupt broadcaster and newspaper publisher Tribune Co. will enter the home stretch of its reorganization this week after a judge said he expects to clear the way for creditors to vote on how to end the Chapter 11 case.
LOS ANGELES (AP) — Troubled studio Metro-Goldwyn-Mayer Inc. says that a federal bankruptcy court has approved its prepackaged bankruptcy plan. In the plan, its lenders will exchange nearly $5 billion in debt for ownership of the company that owns half of “The Hobbit” movies. The two movies are to go into production in February. Co-CEO […]
The judge in Tribune Co.’s nearly two-year-old bankruptcy case struggled openly at a key hearing Monday as he attempted to referee what one participant described as a “four-ring circus” and another called “total chaos.”
Hollywood studio Metro-Goldwyn-Mayer Inc., the home of James Bond, says it has filed for bankruptcy protection as the culmination of a long process to restructure its finances with the support of lenders.