Assignment For The Benefit Of Creditors News
RE: New Northwest Broadcasters
RELATED NEWS STORIES
Receiver Takes Over New Northwest Broadcasters Petitions For Receivership
The licenses held by NEW NORTHWEST BROADCASTERS, LLC are being assigned to ALAN M. DAVIS‘ REVITALIZATION PARTNERS, LLC as receiver for the company. The move, a WASHINGTON state court procedure, was made under a court-supervised Assignment for the Benefit of Creditors. NEW NORTHWEST owns 31 full-power stations and an FM translator in WASHINGTON state, ALASKA, and OREGON.
Townsquare Media To Acquire 6 Yakima Stations
– Yakima Herald-Republic
YAKIMA, Wash. — The landscape of the Yakima Valley radio industry will see big changes in the next year, including change of ownership and the relocation and change in frequency for several stations.
Townsquare Media has an agreement with Seattle-based New Northwest Broadcasters to buy six stations each in Yakima and the Tri-Cities, according to a news release from the Greenwich, Conn.-based company.
But Federal Communications Commission regulations limit the number of stations a company can own in one metropolitan area. So, Townsquare Media will retain half the stations and put the rest into a trust to be run by a third-party trustee and eventually sold to another company.
For New Northwest Broadcasters, the sale is a move toward satisfying creditors, said Alan Davis, a principal with Revitalization Partners, a Seattle-based company that has had temporary control of New Northwest Broadcasters since it entered into voluntary receivership last spring.
Davis would not reveal the purchase price or how much debt New Northwest Broadcasters owes. He did say that New Northwest Broadcasters is looking to sell other stations.
READ MORE: From the Yakima Herald-Republic Online News
New Northwest Broadcasters Petitions For Receivership
On May 17 New Northwest Broadcasters, headquartered in Seattle, Wash., filed for a voluntary Assignment for Benefit of Creditors in King County Washington Superior Court, according to NNB company officials. An ABC effectively puts the company in receivership status, providing court supervision of an orderly restructuring of the company and payment of its debts.
In addition to stations in Alaska, Washington State and southern Oregon, NNB Radio, established in 1998, operates five radio stations from offices in Warrenton: KAST 1370 AM, KKEE 1230 AM, KCRX 102.3 FM and KVAS 103.9 FM.
Alan M. Davis, a principal with the Seattle, Wash.-based firm Revitalization Partners, has been named as the receiver, and is acting on behalf of the creditors. “This is not a bankruptcy situation,” Davis was quick to point out.
Davis described the scenario as a court-sanctioned process in which his responsibility as receiver is to “use the assets of the company to maximize the return to creditors.”
NNB will continue operations as it has been doing, Davis said.
“Nothing will change; the company will continue to operate as it has until a final decision by the court has been made,” he said.
Davis said there are many possible outcomes in a receivership situation, but a rumored liquidation is at the very bottom of a long list of options, especially for a company that has been operating very well.
READ MORE: Coast River Business Journal
KARY-FM To Be Sold
KARY-FM (100.9 FM) is a radio station broadcasting an Oldies format. Licensed to Grandview, Washington, USA, the station serves the Yakima area. The station is currently owned by New Northwest Broadcasters, LLC.[1]
The station went on the air as KGRU on 1987-04-22. on 1988-05-01, the station changed its call sign to the current KARY.[2]
On May 26, 2010, it was rumoured KARY’s parent company New Northwest Broadcasters‘s stations could possibly be sold in the near future. Principal of Revitalization Partners, Alan Davis says “The stations are on the air; it’s business as usual. I can only tell you there appears to be demand for the stations.”[3][4]
READ MORE: At WIKIPEDIA.com
New Northwest Broadcasters To Restructure Debt
“Significant” Demand For New Northwest.
Typical seller hyperbole is a lot less likely coming from a receiver hired by a court to sell a broadcast group. Revitalization Partners Alan Davis tells the Yakima Herald potential buyers are lining up for New Northwest Broadcasters.
READ MORE: Inside Radio
KBBO (AM)
The station went on air as KCHT on 1960-11-09. On 1997-12-08, the station changed its call sign to KJOX and on 2004-08-01 to the current KBBO.[4]
On May 26, 2010, it was rumoured KKBO’s parent company New Northwest Broadcasters‘s stations could possibly be sold in the near future. Principal of Revitalization Partners, Alan Davis says “The stations are on the air; it’s business as usual. I can only tell you there appears to be demand for the stations.”[5][6]
READ MORE: Ask.com
FTC Document:
Federal Communications Commission (FCC … 7918 REVITALIZATION PARTNERS, LLC, GENERAL RECEIVER Involuntary Assignment of E 980 KHZ SELAH, WA License, as amended From: NEW NORTHWEST BROADCASTERS, …
