Posted by Matt on December 21, 2009 at 09:51:55:
**NEWS ALERT** NextMedia files for bankruptcy protection.
One day after Citadel Broadcasting filed for Chapter 11 reorganization, a second radio company presses the pre-arranged bankruptcy button. NextMedia, the Colorado-based radio and outdoor advertising company, today filed voluntary petitions for reorganization under Chapter 11 with the U.S. Bankruptcy Court for the District of Delaware.
The company, which owns 36 radio stations, says the reorganization will have no impact on day-to-day operations of its business and will not result in any changes to senior management or any reduction to employee headcount. Following the reorganization, the company expects to have total debt of approximately $128 million, representing a debt-to-EBITDA ratio of approximately 5.5x.
(From Inside Radio)