Peak Broadcasting has reached a reorganization deal with a majority of its senior lender group, led by GE Capital. The owner of 11 radio stations in Fresno, CA and Boise, ID has filed a voluntary Chapter 11 plan to carry off the reorg.
“Peak’s plan of reorganization is the result of a cooperative effort involving Peak’s management and is supported by the majority of Peak’s lenders. Most important, the restructuring is not expected to impact the day-to-day operations of our radio stations,” said Peak CEO Todd Lawley. “Operationally, Peak has improved its position in the markets it serves during one of the most difficult periods in radio broadcasting history. I am confident that Peak will emerge from the restructuring with a stronger financial foundation which complements our market-leading radio positions and allows us to continue to provide premier radio programming in the communities we serve together with the uninterrupted support of our customers, employees, and vendors.”
Peak lists assets of $50-100 million and debts in the same range. The list of unsecured creditors is what you would expect for a radio company, led by Arbitron and the music rights companies. Of course, this is about the senior debt, so it’s business as usual for the vendors.