The debt and ownership of KTAQ-DT Greenville TX in the Dallas-Fort Worth Nielsen DMA, became a matter for the bankruptcy courts, and the new owner will be the equity company that last financed a deal for the station.
KTAQ of Dallas LLC is the licensee name that will be used by Platinum Equity LLC when it takes over the station. Platinum is headed by Tom Gores.
Simons Broadcasting LP Debtor-in-Possession is the seller, under the auspices of Plan Implementation Agent Robert Milbank Jr., and as authorized by the US Bankruptcy Court for the Western District of Texas, Waco Division.
The price stipulated in the contract is $9M, in the form of a “credit bid of the amount owed by Seller to Buyer” going back to a 5/30/07 promissory note struck for $10M. An LMA will be put in place pending closing.
Simons was headed by Dr. Mike Simons, who also heads up the Promiseland Television Network, which airs religious programming.
RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.
Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.