International Media Group Turns To Ch. 11 For Asset Sale

Law360, New York (January 9, 2012, 6:02 PM EST) -- International Media Group Inc., an operator of television stations serving Asian populations in California and Hawaii, said Monday that it intends to sell off its assets in a bankruptcy filing.

Los Angeles-based International Media Group's Chief Restructuring Officer Dennis J. Davis said in an affidavit accompanying the filing that the company had been struggling with a decline in the advertising sales and paid programming market, including infomercials. The company's lenders, led by General Electric Capital Corp., entered into several forbearance agreements beginning in 2009 after the...
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