AGL 39.51 Decreased By ▼ -0.49 (-1.23%)
AIRLINK 128.53 Decreased By ▼ -0.53 (-0.41%)
BOP 6.85 Increased By ▲ 0.10 (1.48%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.40 Decreased By ▼ -0.15 (-1.75%)
DFML 41.09 Increased By ▲ 0.27 (0.66%)
DGKC 82.02 Increased By ▲ 1.06 (1.31%)
FCCL 33.13 Increased By ▲ 0.36 (1.1%)
FFBL 74.40 Decreased By ▼ -0.03 (-0.04%)
FFL 11.93 Increased By ▲ 0.19 (1.62%)
HUBC 109.70 Increased By ▲ 0.12 (0.11%)
HUMNL 14.11 Increased By ▲ 0.36 (2.62%)
KEL 5.23 Decreased By ▼ -0.08 (-1.51%)
KOSM 7.50 Decreased By ▼ -0.22 (-2.85%)
MLCF 39.20 Increased By ▲ 0.60 (1.55%)
NBP 64.00 Increased By ▲ 0.49 (0.77%)
OGDC 193.25 Decreased By ▼ -1.44 (-0.74%)
PAEL 25.52 Decreased By ▼ -0.19 (-0.74%)
PIBTL 7.30 Decreased By ▼ -0.09 (-1.22%)
PPL 153.43 Decreased By ▼ -2.02 (-1.3%)
PRL 25.77 Decreased By ▼ -0.02 (-0.08%)
PTC 17.50 No Change ▼ 0.00 (0%)
SEARL 81.23 Increased By ▲ 2.58 (3.28%)
TELE 7.67 Decreased By ▼ -0.19 (-2.42%)
TOMCL 33.34 Decreased By ▼ -0.39 (-1.16%)
TPLP 8.40 No Change ▼ 0.00 (0%)
TREET 16.42 Increased By ▲ 0.15 (0.92%)
TRG 56.95 Decreased By ▼ -1.27 (-2.18%)
UNITY 27.50 Increased By ▲ 0.01 (0.04%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 10,511 Increased By 66.1 (0.63%)
BR30 31,111 Decreased By -78 (-0.25%)
KSE100 98,301 Increased By 502.3 (0.51%)
KSE30 30,704 Increased By 223.4 (0.73%)

NextMedia Group Inc filed for bankruptcy protection under a pre-arranged plan that will hand over control of the US radio station operator and outdoor advertising company to certain creditors, court papers showed.
NextMedia's first lien debt and general unsecured claims will be paid in full while second lien debt will be converted into 95 percent equity in the reorganised company, said Eric Neumann, its chief financial officer, in an affidavit. The privately held company listed total debt of $100 million to $500 million in its Chapter 11 filing.
The company also said its second lien lenders had agreed to provide debtor-in-possession financing of $20 million to continue operations while in bankruptcy.
In a statement on its website, NextMedia said the reorganisation process will have no impact on day-to-day operations and will not result in any changes to senior management or any reduction to employee headcount.
Following the reorganisation, the company expects to have total debt of about $128 million, it said. Greenwood Village, Colorado-based NextMedia operates 36 AM and FM radio stations and has just under 500 employees.

Copyright Reuters, 2009

Comments

Comments are closed.