Northern Pacific International Television is going to settle its Chapter 11 bankruptcy case with an auction of its station, KFFV-TV Seattle. Broker Frank Higney at Kalil & Co. is working with the attorney for the debtor-in-possession to qualify prospective bidders and provide specifics about the station.
KFFV has had various call letters and network affiliations since signing on in 1999. It currently airs infomercials and the Azteca America network.
A stalking horse bid of $3,450,000 has been submitted by an unidentified would-be buyer. The court requires that the initial overbid at auction be at least $250,000 higher, so the lowest acceptable overbid is $3.7 million.
The auction at a law firm in Seattle will take place June 30th. However, qualified bidders must be certified by June 27th.