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Wiley Rein Secures Key Bankruptcy Ruling for Black Crow Media Group
In a key ruling for Black Crow Media Group, on Monday the U.S. Bankruptcy Court of the Middle District of Florida turned down motions filed by GE Capital to dismiss Black Crow’s chapter 11 bankruptcy filing. Wiley Rein’s H. Jason Gold, who chairs the firm’s Bankruptcy & Financial Restructuring Practice and represents Black Crow, noted that the decision was a major victory for the media company in its effort to restructure debt obligations and continue operating.
In denying the motions to dismiss, the judge found that Black Crow’s chapter 11 filing stemmed from the overall weakness of the economy. He further found that Black Crow’s operations are stable and that reasonable steps have been taken to reduce its cost structure.
Black Crow Media Group owns and operates 22 radio stations in five markets in Tennessee, Alabama, Georgia and Florida.
GE Capital, Black Crow’s largest lender, argued to the court in Jacksonville, Florida that Black Crow would not be able to emerge from chapter 11 as a viable company. Black Crow’s chapter 11 filing in January effectively preempted a receivership action by GE Capital filed in New York.
Following Monday's ruling, Black Crow will move forward with its plan to reorganize under chapter 11 and emerge with a serviceable debt structure.