Mega Philadelphia Exits Chapter 11 Bankruptcy After 2 Years
| RADIO ONLINE | Friday, June 28, 2024 |
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 W289AZ-FM (La Mega 105.7) |
Mega Philadelphia LLC, who owns Spanish language stations WEMG-AM (La Mega 1310) and W289AZ (La Mega 105.7) in Camden, NJ and serving central Philadelphia, exits Chapter 11 bankruptcy protection after two years. This development was first reported by Radio Ink. Mega Philadelphia CEO Michael Sciore confirmed that the company has cleared all debts owed to creditors linked to their stations. The company also owns W277BA in Millville, NJ.
The bankruptcy proceedings were initiated by Sciore in 2022 at a federal district court in Fort Myers, FL. Despite the challenges, the stations continued normal operations. Three "critical vendors" listed in its filing -- the FCC, Intertech Media and Nielsen Audio -- have since been paid their due prepetition obligations.
A restructuring plan was agreed upon with Centric Bank, the primary secured creditor, leading to a U.S. Bankruptcy Court in Florida confirming the plan on June 18. A certificate of service was issued on June 25, marking Mega Philadelphia's formal exit from Chapter 11.
