Court Approves Nassau's Chapter 11 Motion

Chapter 11 Motion OK'd

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.

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