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Steel City Files Plan of Reorganzation to Exit Bankruptcy
RADIO ONLINE | Wednesday, November 14, 2018 |
Steel City Media, owner of station clusters in Kansas City and Pittsburgh, has filed a plan of reorganization in Federal Bankruptcy Court in St. Louis to exit chapter 11. The plan which is consensual among the company and its significant financial creditors, calls for Steel City to exit bankruptcy with a new balance sheet and with the Frischling family retaining equity control of the company.
Steel City VP Michael Frischling stated, "In an environment where equity in radio companies is being wiped out, we are gratified that we have reached a consensual agreement with our creditors that enables us to maintain equity and operational control that sets the stage for future growth and profitability. We look forward to emerging from Chapter 11early next year and we want to thank our employees and advertisers for their continued support."
Steel City is advised by Gordian Broadcast Technologies LLC, a partnership of radio broker Michael J. Bergner, of Bergner & Co. and an affiliate of Gordian Group LLC., a boutique investment bank specializing in complex and distressed financial advisory work. Steel City is represented by Robert Eggmann and Thomas Riske of the St. Louis, Missouri, based law firm Carmody MacDonald P.C.
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