The Portland company, which owns radio stations KXL, KINK and KUPL – along with more than 200 other stations across the country – filed for bankruptcy on Sunday night.
Alpha Media Holdings said that none of its stations will go offline. He told officials on Monday that operations will continue as normal.
The company said it will use the protection provided by Chapter 11 bankruptcy to reduce its debt and raise additional capital. In bankruptcy documents filed in the Eastern District of Virginia, Alpha told the court that he had already reached a preliminary agreement to carry out this restructuring,
Alpha has properties in 44 markets across the country. Endeavor Capital, a private equity firm in Portland, invested in Alpha and helped finance its growth.
Alpha owes its creditors more than $ 267 million, according to bankruptcy filings. It owes more than $ 103 million to a single creditor, ICG North America Holdings.
Alpha said in bankruptcy documents that its stations depended on “engaging live content” to cultivate a “passionate” base of listeners. KXL is the main station for the right-hand speaker Lars Larson.
Alpha also owns the sports interview station 750 The Game. John Canzano, sports columnist for The Oregonian / OregonLive, also has a daily radio show on that station.
The growing popularity of streaming and other alternatives has affected the traditional radio industry. Then the pandemic broke out, causing a big bite in ad sales. The company laid off staff and cut wages or required licenses for third parties. But it was not enough to avoid the current crisis.
“Our core business continues to perform well, despite current market challenges,” said Bob Proffitt, CEO of Alpha. “We will continue to invest in our talented teams to promote the unique culture that has been the key to Alpha Media’s success.”
Jeff Manning
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