In June 2013, David Walker agreed to purchase a Class C3 FM serving the Lubbock, Tex., market. Today, it is the “Red Dirt Rebel,” focused on Texas-flavored country music.
Walker hopes it will continue to serve as a home for this local music. But, that will only come with more financial stability.
His Walker Radio Group has voluntary filed for Chapter 11 bankruptcy protection.
The petition was actually filed in the Northern District of Texas on December 9, 2020.
However, a filing with the Commission was posted to the LMS by the FCC for the first time on Thursday (4/6).
According to the paperwork, Walker Radio Group has assets of between $100,000 and $500,000.
Here’s the problem: It’s estimated liabilities are between $500,000 and $1 million.
That’s led Walker to now adjust the licensee for his KRBL-FM 105.7 in Idalou, Tex., to reflect WRG’s debtor-in-possession status.
In the time Walker has owned KRBL, it grew from a Class A to a 25kw facility with city-grade coverage of Lubbock. This allowed the “Red Dirt Rebel” to assume KRBL as its home, moving from KJDL-FM 95.3 following its sale by Walker for $300,000 in February 2019.
