International Media Group Cleared To Auction TV Stations

Law360, Wilmington (February 14, 2012, 2:37 PM EST) -- Asian-language broadcaster International Media Group Inc. won a Delaware bankruptcy court's blessing Tuesday to auction its three TV stations and other assets, for which a secured lender has submitted an initial bid of $45 million.

U.S. Bankruptcy Judge Mary F. Walrath signed off on bidding procedures for the assets at a court hearing and scheduled the auction for March 22, where Texas-based broadcaster and secured lender NRJ TV LLC’s credit bid could be tested by other offers. Competing bids are due by March 19.

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