Free Lance-Star Auction Set For May
March 10, 2014 at 4:50 AM (PT)
The Chapter 11 auction of the assets of FREE LANCE-STAR PUBLISHING CO. is now set for MAY 15th, with a bid deadline of MAY 9th and a sale hearing set for MAY 22nd, reports the FREE LANCE-STAR of FREDERICKSBURG. The paper reports an official sale is expected to close by JUNE 20th.
FREE LANCE-STAR is the owner of Country WFLS-F, Talk WNTX-A, Top 40 WVBX (99.3 THE VIBE), and Classic Rock WWUZ (96.9 THE ROCK)/FREDERICKSBURG, VA as well as the daily FREE LANCE-STAR newspaper and other properties.
It went into Chapter 11 because, while it had not missed any payments on its debt, its debt-to-earnings ratio fell out of compliance with covenants in its loan with SANDTON CAPITAL PARTNERS, which had purchased the loan from BB&T.