Peak Broadcasting Out Of Chapter 11
March 19, 2012 at 5:45 PM (PT)
PEAK BROADCASTING just reported that it has emerged from Chapter 11 protection, which it entered earlier this year. The senior management team of CEO TODD LAWLEY and CFO TIM LYONS remains in place; all operations continue in FRESNO and BOISE.
PEAK exited Chapter 11 with a new credit facility that represents less than half the debt load the company had carried prior to its financial restructuring. "By significantly reducing the amount of debt outstanding on our balance sheet, this transaction provides PEAK with the flexibility to invest in our business to ensure that we continue to provide best-in-market audio programming to our consumers and marketing solutions to our clients," LAWLEY stated.
As part of the exit from Chapter 11, the PEAK broadcast licenses officially transferred to TRUSTEE CLAUDIA HORN, EVP/CFO of BMTllc. The Trust has LMA'd the stations back to PEAK pending FCC approval of the transfer of licenses from the Trust to the newly formed PEAK, which is expected in the next 60-90 days. The Trust effective date was MARCH 15th.