Inner City Consents To Bankruptcy Filing
September 9, 2011 at 4:27 AM (PT)
INNER CITY BROADCASTING has filed in bankruptcy court to consent to the involuntary Chapter 11 bankruptcy filed against it by its lenders YUCAIPA COMPANIES, FORTRESS CREDIT, and DRAWBRIDGE CAPITAL. INNER CITY's board unanimously consented to the bankruptcy at a WEDNESDAY (9/7) meeting.
The INNER CITY Answer and Consent lists the company's biggest creditors, including law firm SKADDEN ARPS ($791,571), GUARDIAN INSURANCE ($466,972), AIR AMERICA RADIO ($416,667), PREMIERE NETWORKS ($213,750), EASTMAN RADIO ($189,009), law firm ALVAREZ AND MARSAL ($95,000), SECURITAS SECURITY SERVICES USA, INC. ($70,650), SOUND EXCHANGE ($70,640), ARBITRON ($69,612) and several others.