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LBI Media, Inc. Files For Chapter 11
November 21, 2018 at 6:17 AM (PT)
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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.