The $260M Chapter 11 transaction sending ten Pappas Telecasting television stations to a company formed by creditors has been filed with the FCC. New World TV Group LLC is headed by Christopher A. Holt and David Roberts. The stations are in eight markets in California, Texas, Washington and North Carolina and come with a number of low power stations. Fortress Credit is first in line to defray costs, according to bankruptcy court documents.
The court said that “the Assets are subject to a valid, duly perfected, first priority, non-avoidable lien held by the pre-petition agent (for the benefit of the Pre-Petition Lenders) as security for The Fortress Claim, which as of the Petition Date is in the unpaid amount of $329,073,933.03.”
For a list of the stations in the current FCC filing, see the related story “New World’s new portfolio.”