On January 9, 2012, Multilingual Television Broadcaster, International Media Group, Inc. ("IMG") Filed a Chapter 11 Petition in the U.S. Bankruptcy Court for the District of Delaware
International Media Group, Inc. Files for Chapter 11 Protection.
AsianMedia Group LLC and five other affiliates (collectively with IMG, the "Debtors") also sought bankruptcy protection. IMG lists both assets and debt of $100 million to $500 million in its petition. The cases have been assigned to Judge Mary F. Walrath and the Debtors have filed motions to have the cases jointly administered under the International Media Group, Inc. case number (12-10140). Those and other first-day motions are pending.
According to the first-day Declaration of Dennis J. Davis, the Debtors' Chief Restructuring Officer, the Debtors produce and broadcast various Asian- and English-language paid, syndicated and local television programming. The Debtors serve communities in California and Hawaii. The Debtors have hired Houlihan Lokey Capital, Inc. as financial advisers and Debtors commenced their Chapter 11 cases in order to conduct a sale of their business as a going concern pursuant to section 363 of the Bankruptcy Code.
