Bustos Media Transfers Its Stations To Lenders
June 30, 2010 at 7:19 PM (PT)
BUSTOS MEDIA, LLC is transferring all of its stations to a new company controlled by its three senior lenders. The company's staff was informed in an e-mail memo from CEO AMADOR BUSTOS and VP Operations JOHN BUSTOS that the licenses will be transferred to NAP BROADCAST HOLDINGS, LLC, controlled by NEWSTART, ATALAYA, and PRUDENTIAL, the company's largest lenders. BROADCAST MANAGEMENT AND TECHNOLOGY Pres./CEO JAY MEYERS has been appointed interim CEO until FCC approval has been obtained; AMADOR and JOHN BUSTOS are leaving the company.
"We all worked hard to develop the new emerging Hispanic markets, but the economic downturn and the timing of our purchases were not favorable. We appreciate the trust our equity partners placed in us," the memo said. "We appreciate as well as the patience our senior lenders had as we worked to restructure our debt. I am confident that with the support of the new ownership the staff will continue to build these stations to their fullest potential."