LBI Media, Inc. Files For Chapter 11

Chapter 11

LIBERMAN BROADCASTING's LBI MEDIA, INC. has filed voluntary petitions for Chapter 11 bankruptcy reorganization for all of its companies and subsidiaries.

The BURBANK, CA-based broadcast company filed the petition in U.S. Bankruptcy Court in DELAWARE TODAY (11/21), claiming assets in the $100-500 million range and liabilities in the $500 million-$1 billion range.  $38 million in debtor-in-possession financing has been arranged between LBI MEDIA, INC.

The filings list TMI TRUST COMPANY as the largest unsecured creditor with a claim of $27,954,755, followed by U.S. BANK N.A. at $8,464,963, ASCAP at $1,977,292, and NIELSEN with two claims, one for NIELSEN MEDIA RESEARCH at $1,063,095 and NIELSEN AUDIO at $532,798.

The companies filing for Chapter 11 include LBI MEDIA, INC.; LIBERMAN BROADCASTING, INC.; LBI MEDIA HOLDINGS, INC.: LBI MEDIA INTERMEDIATE HOLDINGS, INC; EMPIRE BURBANK STUDIOS LLC; LIBERMAN BROADCASTING OF CALIFORNIA LLC; LBI RADIO LICENSE LLC; LIBERMAN BROADCASTING OF HOUSTON LLC; LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC; LIBERMAN TELEVISION OF HOUSTON LLC; KZJL LICENSE LLC; LIBERMAN TELEVISION LLC; KRCA TELEVISION LLC; KRCA LICENSE LLC; LIBERMAN TELEVISION OF DALLAS LLC; LIBERMAN TELEVISION OF DALLAS LICENSE LLC; LIBERMAN BROADCASTING OF DALLAS LLC; and LIBERMAN BROADCASTING OF DALLAS LICENSE LLC.  LENARD LIBERMAN holds 99.35% of the Class A common stock and 100% of the Class B common stock of parent LIBERMAN BROADCASTING, INC.

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