International Media Group Seeks Switch To Ch. 7

Law360, New York (September 24, 2012, 6:32 PM EDT) -- Asian-language broadcaster International Media Group Inc., having sold its value assets for $45 million and lacking funds to engineer a reorganization, asked a Delaware bankruptcy judge Friday to convert the case to a Chapter 7 liquidation.

The Los Angeles-based debtors, which operated three independent television stations in California and Hawaii, won permission in March so sell the stations after winning a credit bid from Texas-based broadcaster and secured lender NRJ TV LLC. That sale, completed in August, funded a wind-down budget, from which administrative expenses were...
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