PNE Media Enters Ch. 7 With Eye On Liquidation

Law360, New York (December 22, 2009, 5:37 PM EST) -- Outdoor advertising company PNE Media Holdings LLC has filed a Chapter 7 petition, taking its first steps toward liquidation as rival NextMedia Group Inc. arranged to sell itself to creditors through Chapter 11 proceedings.

PNE Media filed its Chapter 7 petition Monday in the U.S. Bankruptcy Court for the District of Delaware, listing no assets and estimating the company's liabilities at $248.9 million.

The debtor is an outdoor advertising company created by Alta Communications Inc., BancBoston Capital and other investors, according to Alta.

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