Alpha Files for Chapter 11
Alpha Media filed for Chapter 11 bankruptcy, the radio broadcaster announced Sunday. “Balance sheet restructuring will provide greater financial resources and flexibility,” said CEO Bob Proffitt in a release. The company “experienced significant headwinds beginning in the first quarter of…
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2020 due to macroeconomic factors brought on by the COVID-19 pandemic,” wrote Chief Financial Officer John Grossi in U.S Bankruptcy Court for the Eastern District of Virginia. The filing shows outstanding debt and obligations of $267 million. Alpha Media “will continue operating its stations without interruption” and continue day-to-day operations, the release said. Some Alpha lenders “agreed to provide new capital in the form of committed debtor-in-possession and exit financing” and will own 100% of the equity of the reorganized company, subject to FCC OK, the release said. “The Company expects to conclude the restructuring process in the first half of 2021.”