This is another one of the increasing number of deals that can be found in the Chapter 11 portion of the contemporary station trading handbook. Kalil Holding Group LLC was the receiver for KZGL-FM Flagstaff AZ, and also found the buyer, Tower Investment Trust Inc.
According to Kalil, the value of the deal is $350K. Court documents said it was a credit bid, and was the only surviving offer out of a total of three that were tendered.
Tower Investment Trust is headed by Bill Brothers. It already holds three FMs in Texas and another in North Carolina. KZGL will be the company’s only holding in Arizona.
Kalil sold the station on behalf of Walker Radio Inc.
The bankruptcy court ruling allows the buyer to program the station until closing.
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