Radio Station Operator Wins Ch. 11 Conversion

Law360, Wilmington (October 12, 2011, 8:07 PM EDT) -- Radio station operator Nassau Broadcasting I LLC on Wednesday won a Delaware bankruptcy court's blessing to convert its involuntary Chapter 7 bankruptcy — pressed by creditors including Goldman Sachs Lending Partners LLC — to a proceeding on its own terms in Chapter 11.

The lenders pushed Nassau and several affiliates into bankruptcy in September, saying it was an “act of last resort” after the company failed to propose a viable plan to get out from under $283 million in debt that matured three years ago....
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