Atlantic Broadcasting Files For Chapt. 11 Bankruptcy
December 22, 2010 at 7:46 AM (PT)
ATLANTIC BROADCASTING LLC, owner of five southern NEW JERSEY radio stations, has filed for Chapter 11 bankruptcy, reports PRESSOFATLANTICCITY.COM. The station group filed a voluntary petition MONDAY in U.S. Bankruptcy Court in CAMDEN, NJ. A hearing is scheduled for 2p ET on JAN. 20th in front of Judge JUDITH H. WIZMER.
ATLANTIC BROADCASTING owns Classic Rock WMGM, Oldies WTKU, Top 40/Rhythmic WWAC-FM, News-Talk WOND-A and Spanish WTAA-A.
According to court papers filed MONDAY, ATLANTIC BROADCASTING owes over $500,000 to ARBITRON, $116,322 to ASCAP, $35,000 to CBS SPORTS and $25,165 owed to the AP. The company has been beset with financial problems for a while now. Several on-air personalities were laid off in NOVEMBER, reportedly over "a budget issue." A month earlier, former GM BRETT DENAFO was arrested and charged with stealing nearly $175,000 from the company, police said. His attorney, STEVEN P. SCHEFFLER, called the charges "110% bogus."
ATLANTIC BROADCASTING will continue to operate the stations, and said it filed for Chapter 11 protection to allow it to sell its business, according to court documents filed MONDAY. It asked to be allowed to maintain its bank accounts so it can conduct business during the process.