Equity Media granted court OK of bid procedures for sale of station assets

By Jennifer Lanning Drey

Portland, Ore., March 23 - Equity Media Holdings Corp. obtained court approval of the bid procedures for the proposed sale of its station assets, according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Arkansas.

As previously reported, Equity Media owns and operates television stations across the United States and has built a total of 104 full- and low-power permits, licenses and applications that it owns or has contracted to acquire.

When requesting approval of the procedures, Equity Media said initial bids were due Feb. 20, and final bids were due March 4. Equity Media said it would select stalking horse bids after the bid deadline.

Competing bids are due by April 13 and must include a 10% deposit.

If the stalking horse bidders are not the high bidders at auction, the company will pay them a break-up fee of 3% of the proposed purchase price.

An auction is scheduled for April 16 and the sale hearing for April 24.

Equity Media, based in Little Rock, Ark., owns and operates television stations. The company filed for bankruptcy on Dec. 8, and its Chapter 11 case number is 08-17646.

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