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Saturday, August 20, 2011

Creditors of Inner City Broadcasting petition for Chapter 11 status

WBLS The creditors list senior debt of $254,075,278.94, and those creditors include Yucaipa Companies. California-based Yucaipa came into the picture earlier this year when a group that includes former NBA star Magic Johnson acquired Inner City debt from Goldman Sachs and other longtime creditors. Inner City's trophy properties are WBLS and WLIB in New York City, and KBLX in San Francisco, but years ago the Sutton family embarked on an expansion to South Carolina and Mississippi. The Chapter 11 suit was filed Friday in the Southern District of New York. It would place the company into involuntary Chapter 11 (reorganization) status. The next move is up to the court.

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