Bankrupt Alpha Media Authorized to Obtain $10 Million PPP Loan

Alpha Media Holdings LLC received court authorization to borrow up to $10 million in Paycheck Protection Program funding from U.S. Bank, following a federal policy update that enabled certain bankrupt companies to apply for the government-backed Covid-relief aid.

The approval, issued by Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia on April 23, allows the Portland, Ore.-based radio broadcaster to tap into funds to keep its operations running while it’s finalizing Chapter 11 proceedings.

U.S. Bank, following Small Business Administration policy, had denied Alpha Media’s initial PPP loan application.

Earlier this month, the ...