(Updates with creditor vote in fourth paragraph.)
Nov. 17 (Bloomberg) -- Cumulus Media Partners LLC, an owner of radio stations in Dallas, Houston and San Francisco, put one of its units, AR Broadcasting Holdings, Inc., into bankruptcy.
AR Broadcasting owes fewer than 1,000 creditors as much as $100 million and has assets worth from $10 million to $50 million, according to papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
The Chapter 11 petition didn’t explain why AR Broadcasting needed court protection from its creditors, or describe the company’s assets. Such details are typically filed within hours of the initial court papers.
AR Broadcasting said it had a “prepackaged plan” for the bankruptcy that was supported by 100 percent of one class of creditors that voted for the restructuring proposal.
Cumulus Media is a unit of Cumulus Media Inc., based in Atlanta. The AR Broadcasting petition was signed by Cumulus Corporate Controller Linda A. Hill.
The company said its lenders were represented by NexBank SSB as administrative agent and Deutsche Bank Trust Co. Americas as collateral agent.
The case is In re AR Broadcasting Holdings, Inc., 11-13674, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--Editors: Fred Strasser, Andrew Dunn
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