Black Crow Emerging From Chapter 11
September 16, 2011 at 8:07 AM (PT)
BLACK CROW MEDIA LLC is set to emerge from Chapter 11 bankruptcy protection after reaching a settlement with its biggest creditor. THE DAYTONA NEWS JOURNAL reports, "BLACK CROW settled for $20 million with GE CAPITAL CREDIT CORP. at the end of AUGUST following the purchase of that loan by GEORGIA businessman and broadcaster PAUL STONE. DAYTONA BEACH-based BLACK CROW settled with its other creditors for $200,000, CEO MIKE LINN said. STONE is now BLACK CROW's majority owner, but the company will remain distinct from his other businesses and its management will remain the same, LINN said."
BLACK CROW owns 22 radio stations in GEORGIA, ALABAMA and TENNESSEE.
"We're excited at the outcome," LINN said. "The company is going to be on a financial footing, much stronger financial footing than we were before we filed the bankruptcy, and I think we're positioned to focus on broadcasting rather than servicing our debts."