Peak Broadcasting Gets Approval For Reorganziation
February 23, 2012 at 5:48 PM (PT)
PEAK BROADCASTING, LLC has received approval from the U.S. bankruptcy court on its plan of reorganization. The prepackaged plan, which was approved by the requisite majority of creditors, addresses how the company will restructure its debt and satisfy creditor claims. The plan provides for continuing payment to PEAK’s employees, vendors and other unsecured creditors.
Today’s confirmation paves the way for the emergence of PEAK BROADCASTING from Chapter 11 protection, predicted to be sometime in early MARCH, just two months after the initial filing of its petitions.
"I want to thank everyone involved with our organization for the smooth transition through the debt restructuring," PEAK CEO TODD LAWLEY said. "We now have the right capital structure on which to grow our business and support the communities in which we operate. We thank our employees, customers and vendors whose support has never wavered."