Welcome

Alpha Media Bankruptcy Plan Approved, Giving Noteholders Equity

April 1, 2021, 7:56 PM

Bankrupt radio broadcasting company Alpha Media Holdings LLC won approval to convert noteholder debt to equity, after a Virginia court rejected a Justice Department challenge to litigation releases in its Chapter 11 plan.

Alpha Media wants to restructure approximately $267 million in funded debt through a plan that would fully repay senior secured liabilities and convert more than $72 million of second-lien debt into an 85% stake in a reorganized company. General unsecured creditors, which have a total of $8.5 million in claims, would be paid in full under the plan.

The U.S. Trustee’s office, the DOJ’s bankruptcy monitor, said ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.