Changes Made To Riviera Restructuring
October 22, 2009 at 4:51 AM (PT)
The restructuring of ownership at RIVIERA BROADCAST GROUP/PHOENIX's Alternative KEDJ (EDGE 103.9) and Top 40/Rhythmic KKFR (POWER 98.3)/PHOENIX, as well as Smooth AC KOAS (105.7 THE OASIS) and Alternative KVGS (AREA 107.9)/LAS VEGAS, continues with one change: GOLDMAN SACHS is exiting the operation and CIT LENDING SERVICES CORP. is stepping in as part of an exchange of their respective lender positions in two separate, formerly unrelated arrangements.
The change means that trustee LEE SHUBERT's ATMOR PROPERTIES goes from 50% voting, 35% equity owner (split with GOLDMAN SACHS) of RIVIERA to 100% voting, 70% equity owner, through the new trustee entity SHUBERT-ATMOR VALUE ENTERPRISE, LLC (SAVE). The new structure is described as "a critical element of the agreed-upon workout arrangements."
In another deal filed with the FCC, JAMES S. BUMPOUS d/b/a BIG BEND BROADCASTING is selling FM translator K265EI/MIMBRES, NM to ITV.COM, INC. for $18,000.