Black Crow Sues GE Capital
October 21, 2010 at 4:25 AM (PT)
BLACK CROW MEDIA GROUP is suing secured lender GENERAL ELECTRIC CAPITAL CORP. to subordinate GE's claim and to block it from voting on a reorganization plan, reports BLOOMBERG BUSINESSWEEK. The suit also seeks damages for alleged abuses of the legal process by GE CAPITAL.
BLACK CROW, which owed $38.9 million to GE CAPITAL when it filed for Chapter 11 reorganization in JANUARY, is battling GE CAPITAL's attempts in bankruptcy court to block consolidation of BLACK CROW's companies into a single group of assets. The court has previously given BLACK CROW exclusive rights to file a reorganization plan until NOVEMBER 8th.