Black Crow Media announced that the US Bankruptcy Judge in its Chapter 11 case has given the company an extension of the period for its exclusive right to file a reorganization plan. That was over the objections of its senior lender, GE Capital.
“The judge affirmed his previous finding that the company’s operations are stable and that GE Capital’s interests are adequately protected,” said the announcement from Black Crow. The order had not yet been posted when RBR-TVBR checked the court filings.
Black Crow said it will continue to advance towards confirmation of its plan to reorganize under Chapter 11 and emerge a stronger company. “Obviously we are pleased with the Court’s ruling. We now can continue our negotiations and other work to complete our financial restructuring and most importantly, continue to serve the communities that we’ve served for the last 15 years,” said Mike Linn, Black Crow’s CEO and founder.
Black Crow Media Group LLC owns and operates 22 radio stations in five markets in Tennessee, Alabama, Georgia and Florida.
Meanwhile, GE Capital recently filed an adversary complaint with the court seeking a ruling that it has a secured right to all of the pre-petition accounts receivable of Black Crow, along with its other assets. GE Capital says it is owed nearly $38.9 million as Black Crow’s senior lender. A hearing on the GE complaint is set for next month.