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.

From 1998 to...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.