Court Approves ION Media Networks' Plan of Reorganization for Television Stations in St. Louis, Columbia and Evansville
December 16, 2013 --
WEST PALM BEACH, FL--(Marketwired - December 16, 2013) - ION Media Networks ("ION") confirmed today that on December 11, 2013, the Bankruptcy Court for the Eastern District of Missouri approved ION's and the Creditors Committee's Jointly Proposed Chapter 11 Plan in the Roberts Broadcasting, et al., bankruptcy cases (the "Plan").
Under the Plan, ION will fund $7.75 million for distributions to creditors and will obtain all of the beneficial interests in a trust, established to own and operate the Reorganized Debtors' full-power TV stations in St. Louis, MO, Columbia, SC, and their Class A station in Evansville, IN.
The Plan was confirmed by the Court without opposition, clearing the path for all non-insider general unsecured creditors to receive a 100% distribution plus interest. The broadcast trust will be formed upon short-form approval by the FCC, which the parties anticipate receiving shortly. Industry veteran Gary Chapman has been tapped by the Court and the parties to act as Trustee for the stations until final ownership transfers are effectuated.
"Achieving a consensual Court confirmation for this Plan adds to our history of bringing financial and operational solutions to independently owned TV stations," said Brandon Burgess, Chairman and CEO of ION Media Networks. "We look forward to assisting these stations to be successful parts of their communities for many years to come."
The three markets, covering approximately 1.8 million TV households, provide a natural strategic and operational synergy with ION's independently owned station group. St. Louis is the largest market in which ION does not currently have an owned or affiliated broadcast station.
About ION Media Networks, Inc.
ION Media Networks is a leading U.S. provider of television, utilizing its nationwide assets to deliver content to 260 million Americans in 100 million homes. ION delivers television entertainment and choice through innovation, offering quality content, new formats and innovative packages that are affordable and accessible to all consumers. ION Media Networks owns and operates ION Television, serving 100 million homes with high-quality programming; Qubo, the award-winning 24/7 kids channel; and ION Life, a network dedicated to the celebration of healthy, active and empowered lifestyles. For more information, visit www.ionmedianetworks.com.
Copyright @ Marketwire