Court Approves Nassau's Chapter 11 Motion
October 13, 2011 at 3:54 AM (PT)
U,S, Bankruptcy Judge KEVIN GROSS has granted NASSAU BROADCASTING PARTNERS' motion to allow the company to file Chapter 11 voluntary bankruptcy rather than proceed with Chapter 7 liquidation as its creditors filed. NASSAU's victory means that the company remains operational as usual under debtor-in-possession status with President LOU MERCATANTI in charge while reorganization is worked out.
GOLDMAN SACHS, FORTRESS CREDIT and P.E. CAPITAL filed last month to force NASSAU into Chapter 7 after NASSAU missed their deadline to file for Chapter 11 status.