Granite Broadcasting Files Reorganization Plan

Jun 6, 2007  •  Post A Comment

Granite Broadcasting has filed its reorganization plan with the United States Bankruptcy Court for the Southern District of New York. Granite said the plan reduces its debt by more than $300 million.
Filed last month but announced Tuesday, the plan calls for general unsecured creditors to fully recover their pre-petition or agreed-upon claims. The announcement Tuesday said: “Holders of the Company’s Secured Term Loans and 9.75 percent Senior Secured Notes due in 2010, representing an aggregate of more than $500 million in total secured claims, have converted their debt (on a pro-rata basis) into (i) a new $200 million senior secured term loan and (ii) shares of the Company’s new common equity, representing, in the aggregate, 97 percent of the new common equity of the Company distributed pursuant to the Plan. The remainder of the new common equity distributions will be made in accordance with the terms of the Plan.
Silver Point Capital is now the majority shareholder of the company, which owns and operates, or provides programming, sales and other services to 23 channels in 11 markets.
Granite chairman and CEO Don Cornwell said, “Our existing cash on hand, together with the $25 million of availability under our new revolving credit facility, which will be undrawn at closing, will provide us with the liquidity we need to execute our business plan.”
Granite’s 12.75 percent cumulative exchangeable preferred stock and Class A and Class B common stock have been canceled. The new common equity will not be publicly traded.


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