Hearing Set For Wednesday On Nassau's Chapter 11 Move
October 10, 2011 at 3:55 AM (PT)
A hearing has been set for WEDNESDAY on NASSAU BROADCASTING's motion to take the company into Chapter 11 voluntary bankruptcy rather than the Chapter 7 involuntary bankruptcy sought by creditors including GOLDMAN SACHS.
The creditors, also including FORTRESS CREDIT OPPORTUNITIES I LP and P.E. CAPITAL, are seeking to force the company into Chapter 7 and surrender control over its cash flow after NASSAU failed to heed their demand that the company file for Chapter 11 by SEPTEMBER 4th; the Chapter 7 petition was filed with U.S. Bankruptcy Court in DELAWARE on SEPTEMBER 15th, and NASSAU countered with last week's filing, which asked for a speedy hearing by Judge KEVIN GROSS.