Southern radio group Black Crow Media has filed no less than 11 separate Chapter 11 requests in order to keep operating its stations and get back on a firm financial footing. It has 22 stations in four southern states, including Florida, Georgia, Alabama and Tennessee.
The Daytona Beach News Journal says that it has assets of $10M-$50M, but debts of $50M-$100M. GE Capital Credit Corporation is said to have forced the situation – it’s seeking a receiver in hopes of getting protection for the $38.9M it is owed.
Mike Linn, Black Crow’s CEO, said. “This is an extremely difficult decision that I believe is necessary to ensure that Black Crow will have access to the resources necessary to serve our communities in a manner they deserve.”
Linn said that the recession simply made it impossible for the station to manage its debt, and is confident that restructuring and an improving economy in 2010 can bring the group back into a state of good fiscal health.