Court Approves Auction Of Nassau Broadcasting Stations
February 23, 2012 at 4:19 AM (PT)
U.S. Bankruptcy Court Judge KEVIN GROSS has approved the auction of NASSAU BROADCASTING's stations, signing an order WEDNESDAY (2/22) permitting the sale to go forward.
The order sets a bid deadline of APRIL 27th and sets MAY 3rd for the auction (if held) and MAY 7th for the Sale Hearing, although the order leaves room for the court to change that date. Objections need to be served on the court and parties no later than 4:30p (ET) on MAY 4th.
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.