Alpha Media Asks FCC To OK Up To 100% Foreign Ownership

Majority Foreign Ownership Contemplated

ALPHA MEDIA HOLDINGS INC., the post-bankruptcy version of the radio broadcasting company, has asked the FCC in a petition for declaratory ruling to allow up to 100% foreign ownership of the company. 

The petition notes that ALPHA is now owned by former creditors which held second lien note claims in "Old ALPHA" and exchanged their note claims for equity in "New ALPHA." The creditors include U.S. firms METLIFE PRIVATE EQUITY HOLDINGS, FLORIDA GROWTH FUND LLC, HAMILTON LANE STRATEGIC OPPORTUNITIES 2016 FUND LP, and CAYMAN ISLANDS-based ICG NORTH AMERICA HOLDINGS LTD., the latter and four other foreign entities it controls currently holding 5.7% equity and voting interest in the company. 

ALPHA tells the FCC that a “substantial majority" of its warrants will be exercised by the four creditors and BRITISH VIRGIN ISLANDS-incorporated BIGSUR CAPITAL PARTNERS THREE CORP. for equity that will push the company past the 25% foreign ownership cap, estimated to land at about 70%.

Interested parties can file comments up to FEBRUARY 6th, with replies due by FEBRUARY 21st.

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