If Duncan’s American Radio were to see a Roseanne-like reboot in 2018, there’s one chapter that may be larger than any others: Chapter 11.
The fourth radio broadcasting company to seek federal bankruptcy protection since Jan. 1 made its move on Tuesday (3/27) in the U.S. Bankruptcy Court for the Northern District of Texas.
This company’s stations, however, are located outside of Chicago.
The company seeking to reorganize under Chapter 11 of the U.S. Bankruptcy Code is Matrix Broadcast Holdings LLC.
It is headquartered in Addison, Tex., and notes that it has under 50 creditors.
Matrix also says that its estimated assets are no more than $50,000, and that it has estimated liabilities of between $1 million and $10 million.
Attorney Michael Cooley of Bryan Cave LLP is handling the matter as Matrix’s legal counsel.
A meeting of the creditors has been scheduled for May 4 at 10:30am Central at the Office of the U.S. Trustee in Dallas.
A Proof of Claim deadline has been established as August 2, 2018.
Meanwhile, the Bankruptcy Court has already spoken up by notifying Matrix that its original petition is deficient for several reasons:
- Debtor(s)’ schedules A/B, D−H were not filed with the petition. The schedules must be filed within 14 days of the date of the filing of the petition (Bankruptcy Rule 1007(c)).
- Debtor(s)’ statement of financial affairs was not filed with the petition. The statement of financial affairs must be filed within 14 days of the date of filing of the petition (Bankruptcy Rule 1007(c)).
- Attorney Fee Disclosure must be filed within 14 days of the date of the filing of the petition
- Summary of Assets and Liabilities (Official Form 106Sum or 206Sum) not provided at the time of filing.
- Official Form 106Sum or 206Sum must be filed within 14 days of the date of the filing of the petition.
- Portions of the original petition were not answered or provided at the time of filing. An amended petition including the items indicated below must be filed within 3 days from the issuance of this notice.
- Debtor’s Tax ID # and Attorney’s signature on the petition
- Twenty Largest Unsecured Creditors must be filed within 48 hours of the date of the filing of the petition
Matrix owns WFXF-FM 103.9 in Dundee, Ill., a Class A serving the northwest suburbs of Chicago, including Elgin; and Class A WZSR-FM 105.5 in Woodstock, Ill., also serving this area of Chicagoland.
Matrix acquired the duo for $5.53 million in November 2013 from a trust created to handle spinoffs from Alpha Media‘s merger with Digity LLC.
Alpha Media operates both WFXF and WZSR via a Shared Services Agreement.