Atlantic Broadcasting Radios for DIP HelpDecember 22, 2010 – In The News
Following a Dec. 20 Chapter 11 filing, Atlantic Broadcasting of Linwood NJ LLC will fund ongoing operations with the help of debtor-in-possession financing while it looks for a buyer. In a Dec. 21 order in the U.S. Bankruptcy Court for the District of New Jersey in Camden, interim approval was given for the debtor to tap $6.8 million in DIP financing from prepetition lender Sun National Bank.
Joshua Klein, debtor counsel to Atlantic Broadcasting, said the $500,000 portion of the DIP will be enough to tide the company over until a sale is finalized. The company is currently looking for an investment banker with a more aggressive market sale approach, said Klein.
Michael Viscount also represents Atlantic Broadcasting.