Just after Midnight on Monday (1/25), Alpha Media filed Official Form 201, a Voluntary Petition for Non-Individuals Filing for Bankruptcy with a Virginia Eastern Bankruptcy Court.
The case has been assigned to Kevin Huennekens, and the deadline for filing claims has been set for July 26, 2021.
Who are the biggest creditors Alpha Media, headed by Bob Proffitt, needs to pay?
With Alpha Media represented by Kutak Rock attorney Jeremy Williams, the audio content and radio broadcasting company based in Portland, Ore., submitted its reorganization plan.
And, in doing so, the form filed by Alpha Media CFO John Grossi notes that its assets match its liabilities — in the $10 million to $50 million range.
This filing includes a list of Alpha Media’s creditors who have the 30 largest
unsecured claims and are not insiders.
At the top of the list is ICG North America Holdings Ltd., which specializes in private debt, equity and credit, “providing financing solutions across the capital structure,” and “pioneering new strategies where we can deliver value to our investors.”
ICG holds an unsecured claim of $103,974,381.40 against Alpha.
The second-largest unsecured claim? It is held by Nielsen, and is valued at $2,366,735.81.
Alpha Media’s No. 3 creditor by dollar amount is Broadcast Music, Inc. (BMI), and it is owed $823,829.43. Similarly, ASCAP is the No. 5 creditor, and is owed $216,688.00. Then, there is Irving Azoff’s Global Music Rights (GMR), owed $70,101.20; the Radio Music License Committee (RMLC), owed $69,667.00; and Sound Exchange, owed $91,335.96.
Also on the creditor’s list are the nation’s foremost tower companies. Crown Castle is owed $748,597.53; American Tower is owed $209,139.89; and Steve Bernstein’s SBA is owed $149,616.56 by Alpha.
Meanwhile, the IRS is $158,163.51 in the hole, and it is money Alpha owes the taxation agency.
On the programming side, Premiere Networks, owned by iHeartMedia, is on the creditor’s list. And, it is owed $63,498.00.
Other companies on the list include Marketron ($42,312.78), DMR Interactive ($36,100.00); and RCS ($18,188.00).
And, Erica Farber and the RAB are also listed, as Alpha Media owes $11,425 in dues and subscriptions fees.
