Inner City Media Hit With Involuntary Ch. 11 Petition

Law360, New York (August 22, 2011, 2:56 PM EDT) -- Five Inner City Media Corp. creditors owed a total of $254.1 million nailed the company with an involuntary Chapter 11 petition in New York bankruptcy court Friday after the urban radio station owner backed out of a debt restructuring deal.

The lenders, led by Yucaipa Corporate Initiatives Fund II LP, filed involuntary petitions against Inner City and 12 affiliates, accusing the radio company of scuttling the proposed prepackaged reorganization to forward its own interests after defaulting on a loan.

“Despite having gone unpaid for years and...
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