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Updated Saturday, December 26, 2009 6:01 PM
KLAK parent company files for bankruptcy protection
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.
 Comments ... 4 found!
107.3 DOC FM : 12/28/2009
>> Have they not already done this once in years
past and walked away with millions....
PROBABLY... It' all a MONEY GRAB, making millions off of BANKRUPTCY is wrong is you ask me.
107.3 DOC FM is a better station for LAKE TEXOMA if you ask me...
107.3 DOC FM
don't buy the bull : 12/28/2009
Since this station has moved to the Metrosprawl, anc considering its format, the most appropriate call letters should be K-LAME. The only constant thing in radio is change. Whether it be location, format, call sign, DJs, or owners, change happens. NextMedia is full of it if they say there'll be no changes.
BS meter pegged
KLAK : 12/27/2009
Sure....."There will be no changes"....We have heard that one before. Radio Station? You had better update your air checks.
Old retired radio guy
: 12/26/2009
Have they not already done this once in years
past and walked away with millions....
r u kidding
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