Debt deal in southern Virginia


DebtInstead of getting back the money they loaned for the purchase of WVNC-FM Lawrenceville VA, the prospective owners will be getting the actual station.

Two of the three own stations not too far away in the neighboring state of North Carolina.

The seller is Imperial Broadcasting Company LLC, headed by Jeff Davis.

The buyer is Brunswick County Broadcasting Inc., headed by 70% owner and President Jimmy Johnson. Also on board as principals are Terry Suggs with 20% and John C. Trent with 10%.

IBC is in default to BCB, and the station is being transferred in return for cancellation of $179,100 in debt. A TBA is in place until closing.

WVNC-FM is a Class A on 105.5 MHz with 6 kW @ 154’. The station is located to the southwest of Richmond not far from the North Carolina state line.

This will be BCB’s only station. Johnson has an interest in two stations, WCPS-AM Tarboro NC and WCBT-AM Roanoke Rapids NC; and Trent has an interest in one, WTQM-AM Fair Bluff NC. None of them overlap WVNC-FM.