Mega Media Files For Chapt. 11
August 11, 2009 at 2:01 PM (PT)
MEGA MEDIA GROUP, owners of Dance TV/radio station PULSE 87, has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in the Eastern District. CRAIN'S NEW YORK BUSINESS reports that MEGA listed total assets of $180,000 and total liabilities of $3,564,060.
According to the filing, MEGA MEDIA owes the IRS $414,000, and the NEW YORK STATE DEPARTMENT OF TAXATION AND FINANCE $45,000. Creditors include private equity firm AJW PARTNERS, which says it is owed $650,000 and ALEKSANDR CHERNY, who claims fraud. MEGA disputes both creditors' allegations.
"The recession is very tough on the radio market, but the PULSE 87 brand has been growing," MEGA MEDIA CEO ALEX SHVARTS said. "We're just looking to reorganize the company and get some breathing room from our creditors and reshape the company for the future."