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Steel City Media Bankrupt

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Privately-held MGTF Radio Company and WPNT (d/b/a Steel City Media) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Missouri, lead case number 18-41671.

The Company, which owns and operates radio stations, is represented by Robert E. Eggmann of Carmody MacDonald. Michael Frischling, the Company’s V.P., notes, “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. Despite having paid down our senior lender by more than $20 million, or more than 35%, since 2014, softness in our markets has resulted in non-compliance with certain technical covenants.”

In addition, “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 is currently exploring a variety of alternatives, including stand-alone recapitalization and potential third-party investment scenarios. MGTF Radio Company’s Chapter 11 petition indicates assets of $50 to 100 million.

Read more Steel City Media bankruptcy news.

 

The post Steel City Media Bankrupt appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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