NextMedia Plans Sale To Creditors In Prepack Ch. 11

By Abigail Rubenstein

Law360, New York (December 21, 2009, 1:55 PM ET) -- Radio station owner NextMedia Group Inc. filed for bankruptcy on Monday after reaching a prearranged agreement to sell the company to its second-lien creditors.

NextMedia Group, a holding company for NextMedia Investors LLC's radio broadcasting and outdoor advertising companies, filed a bankruptcy petition in the U.S. Bankruptcy Court for the District of Delaware, citing the recession as the prime factor in the company's need to restructure its debt.

The bankruptcy petition lists $100 million to $500 million in estimated liabilities, and only as much as $50,000...
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