Washington has long since dug out from the epic snowstorms of the Winter of 2010, but now it has a summertime deluge of applications filed in a multi-party radio deal involving Simmons Media Group and stations in and around Salt Lake City and southwestern Wyoming.
No less than seven applications were filed with the Commission in what is essentially a debt restructuring arrangement led by Goldman Sachs Specialty Lending Group, which is listed as Agent/Lead Arranger. The pivot is default involving companies in which Christopher F. Devine has a stake, leaving $60.8M in unpaid loans.
Here’s how everything will shake out.
* Simmons will acquire KUDD-FM Roy UT and KUUU-FM South Jordan UT from Devine’s Millcreek Broadcasting LLC.
* Simmons will acquire KYLZ-FM Lyman WY from Devine’s 3 Point Media – Utah LLC, Debtor-in-Possession.
To remain in compliance with Salt Lake City ownership caps, Simmons will do some spinning into a pair of holding companies which will pursue third-party buyers.
* Simmons will send KDWY-FM Diamondville WY, KJQN-FM Coalville UT and KZNS-AM Salt Lake City UT to the SLC Divestiture Trust I, run by Larry Patrick.
* Simmons will send KEGH-FM to SLC Divestiture Trust II, run by Jim Burgoyne.
This will leave Simmons with KOVO-AM/KXRK-FM Provo, KEGA-FM Oakley, KUDD-FM Roy, KUUU-FM South Jordan and KYMV-FM Woodruff (all UT) in the SLC market, along with KMER-AM/KAOX-FM Kemmerer WY and KYLZ-FM in SW Wyoming.
Each trust will also be getting stations directly from Devine’s holdings.
* Millcreek is sending KAUU-FM Manti UT and KUDE-FM Nephi UT to SLC DT I.
* 3 Point Media – Franklin LLC, Debtor-in-Possession is sending KZZQ-FM Coalville UT to SLC DT I.
* And finally, 3 Point Media – Delta LLC, Debtor-in-Possession is sending KMGR-FM Delta UT to SLC DT II.
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