Equity Media files Chapter 11

RBR/TVBR has learned that Equity Media Holdings filed a Chapter 11 petition yesterday in Federal Bankruptcy Court. The move came just before an Arkansas state court hearing was due to convene on a motion by lender Silver Point Capital LLC to have a receiver take control of Equity Media. The Chapter 11 filing short-circuits the state court case and, at least for now, leaves CEO John Oxendine and his board of directors in charge.