Stephen Seymour’s Sandab Communications is filing for Chapter 11 protection and seeking court permission to take out a $500K loan to keep its four Cape Cod FM stations and community website up and running.
According to reports, the company has only $50K cash on hand and is looking at a debtload estimated at anywhere between $10M-$50M. One of the debtors is said to be M&T Bank Corporation, a Baltimore MD operation not far from Seymour’s home in Towson MD. Another is Charles River Broadcasting, which sold two of the FMs to Sandab for $7.5M in a deal that closed in early 2008. Sandab is said to still owe CRB about $3.5M.
Sandab’s stations include AC WQRC-FM Barnstable, Soft AC WOCN-FM Orleans, and the two it bought from CRB, which are Classical WFCC-FM and Country WKPE-FM.
Sandab also operates capecod.com. Icons for the four radio stations are displayed on the bottom of the site’s homepage.