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Steel City Media Files for Chapter 11 Backruptcy
RADIO ONLINE | Thursday, March 22, 2018 |
Pittsburgh-based MGTF Radio Company LLC and WPNT Inc.. dba Steel City Media, filed for Chapter 11 bankruptcy Wednesday. The company will continue to operate while it seeks to reorganize under Chapter 11 protection. In its filing, the company lists $50-$100 million in assets and $50-$100 million in liabilities. Steel City owns stations in Pittsburgh, Kansas City, Wilks Barre-Scranton and York, PA. Steel City made the move following a review by its board of directors.
"The company remains very profitable and expects to be able to generate sufficient cash from operations to meet the expenses of running our business during the Chapter 11 proceedings," said Vice President Michael Frischling. "Despite having paid down our senior lender by more than $20 million, or more than 35 percent, since 2014, softness in our markets has resulted in non-compliance with certain technical covenants."
He continued, "We believe that Chapter 11 is the appropriate venue to seek to resolve these issues. We look forward to emerging from Chapter 11 as an independently owned, strong player in our markets and with a reset capital structure in place for the long term."
The company has retainedRobert Eggmann and Thomas Riske and the law firm of Carmody MacDonald P.C. as counsel, and Gordian Broadcast Technologies as financial advisor to assist it in exploring a variety of alternatives, including stand-alone recapitalization and potential third-party investment scenarios.
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