https://www.allaccess.com/net-news/...er-radio-company-goes-chapter-11-with-kansas-
Wow! Amazing while the rest of the nation is paying attention to the fallout of Iheart and Cumulus Chapter 11 Another Radio Company gets hit with the same issue.
Wow! Amazing while the rest of the nation is paying attention to the fallout of Iheart and Cumulus Chapter 11 Another Radio Company gets hit with the same issue.
MICHAEL J. FRISCHLING's MGTF RADIO COMPANY, LLC d/b/a STEEL CITY MEDIA in KANSAS CITY, has filed for Chapter 11 bankruptcy reorganization. STEEL CITY's stations include Country KBEQ (Q104), Country KFKF, Top 40 KMXV (MIX 93.3), and AC KCKC (KC 102.1)/KANSAS CITY; the company bought the cluster from WILKS LICENSE COMPANY-KANSAS CITY LLC for $105.5 million in 2014. A separate entity, WPNT MEDIA SUBSIDIARY, LLC, owns Hot AC WLTJ (Q92.9) and Adult Hits WRRK (96.9 BOB FM)/PITTSBURGH and is not listed in the petition filed with the bankruptcy court.
The company filed its petition today (3/20) in U.S. Bankruptcy Court for the Eastern District of MISSOURI, placing both debts and assets in the $50-100 million range and listing among its top creditors lenders FIFTH THIRD BANK, owed $38.477,998; BUSINESS DEVELOPMENT CORP. OF AMERICA, owed $24.5 million; plus smaller debts to NIELSEN; BMI; ASCAP; SESAC; SOUND EXCHANGE;