GREENWOOD VILLAGE, Colo. -- NextMedia Group, Inc. announced last week it has reached an agreement in principle with its lenders for a consensual restructuring.
To facilitate the agreement, NextMedia filed voluntary petitions for reorganization under Chapter 11 with the U.S. Bankruptcy Court for the District of Delaware. It is expected that the process will significantly increase liquidity and strengthen the Company's balance sheet.
NextMedia Group owns the radio station KLAK 97.5 FM. The station, called K-LAKE, was once located in Denison, and later moved to Durant, Okla., with offices in Denison. It is currently operating out of McKinney in Collin County.
The reorganization process will have no impact on day-to-day operations of NextMedia's business, and will not result in any changes to senior management or any workforce reduction.
NextMedia is on track to generate more than $23 million in 2009, and has sufficient funds to pay all of its vendors and employees.