Nassau Broadcasting Asks Court To Let It Auction Off Stations
February 9, 2012 at 3:59 AM (PT)
NASSAU BROADCASTING PARTNERS has moved in U.S. Bankruptcy Court in DELAWARE to have the company's assets, including all of its stations, auctioned off.
NASSAU told Judge KEVIN GROSS in the motion that it has decided, with its financial adviser and investment banker ROTHSCHILD, INC., to sell the assets, but that "in the interests of time, and in order to maintain maximum flexibility (in the sale) ... the Debtors have opted not to engage in lengthy discussions and negotiations with prospective purchasers in an effort to select a stalking horse bid for the Assets. Rather, they are soliciting one or more qualified bids for the Assets without having provided any bid protections or other form of strategic advantage to any particular prospective bidder." The motion asks for approval of auction procedures at a hearing and approval of the sale at a second Sale Hearing.
NASSAU was pushed into Chapter 7 involuntary bankruptcy by creditors GOLDMAN SACHS, FORTRESS CREDOR OPPORTUNITIES I LP and P.E. CAPITAL, LLC on SEPTEMBER 15th and successfully convinced the court to allow it to convert the proceeding to Chapter 11 voluntary bankruptcy. The company owes $283,742,525 under its credit agreement with the lenders.