Lender Gets Voting Control Of Summit City Stations
September 27, 2006 at 6:16 AM (PT)
The GREATER FORT WAYNE BUSINESS WEEKLY reports that SUMMIT CITY RADIO GROUP has received a loan increase from D. B. ZWIRN SPECIAL OPPORTUNITIES FUND LP that will give ZWIRN most of the broadcaster's voting interest.
The loan is being increased from $850,000 to $8.85 million to pay off and refinance existing debt; the move gives the lender 95% voting control and would transfer control of the SUMMIT CITY licenses from NORTHWEST CAPITAL PARTNERS II LP to ZWIRN's BERNARD RADIO LLC. SUMMIT CITY's stations include Adult Standards WGL-A-WXKE (1250 THE RIVER), Rock WYLT-WCKZ (ROCK 104), and Top 40-Rhythm WNHT (WILD 96.3)/FT. WAYNE; the company is separately selling Regional Mexican WXTW (LA GRAN D) to THREE AMIGOS BROADCASTING for $1.35 million.