Dr. Phil’s Media Venture Strikes Deal for Bankruptcy Funding

Merit Street Media Inc. struck deals with Dr. Phil McGraw’s production company that will provide payments for unsecured creditors and key funding to continue its bankruptcy reorganization.

McGraw’s company, Peteski Productions Inc., agreed to pay for Merit Street’s Chapter 11 lawyers and advisers, which will keep the case afloat, attorney Patrick Venter of Sidley Austin LLP said at a Tuesday status hearing in the US Bankruptcy Court for the Northern District of Texas.

Merit Street also reached a proposed settlement with its committee of unsecured creditors whereby Peteski will provide “a guaranteed and meaningful recovery to all unsecured creditors,” Venter ...