Atlantic Broadcasting files for bankruptcy
The Linwood, New Jersey-based owner of five area radio stations filed for Chapter 11 bankruptcy this Wednesday.
The Linwood, New Jersey-based owner of five area radio stations filed for Chapter 11 bankruptcy this Wednesday.
The group of stations, which include news-talk station WOND and classic-rock station WMGM, filed a voluntary petition in a U.S. Bankruptcy Court in Camden.
In the filing, Atlantic Broadcasting revealed that Northwood Ventures is its largest investor. The company owns more than 75 percent of its shares, while Northwood Capital controls an additional 12 percent. The rest of the company is owned by individual shareholders.
The Arbitron ratings company was listed as the company's biggest creditor, owing the entity more than half a million dollars. The American Society of Composers, Authors and Publishers, The Associated Press and CBS Sports were also listed in the filing.
In November, budget cuts forced Atlantic Broadcasting to lay off several on-air personalities in order to stay in operation. Despite this, the company says the filing will not keep it from conducting regular business and has asked court permission to keeps its bank accounts open during the reorganization.
The company's next hearing is scheduled for January 20 in front of Judge Judith Wizmer.
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