Equity Media Holdings: Univision claims debtors' reports are 'curious'

By Lisa Kerner

Charlotte, N.C., Nov. 12 - Equity Media Holdings Corp. and its affiliated debtors in possession have failed to file operating reports as required during the period the cases were being administered under Chapter 11 of the Bankruptcy Code, according to a motion filed by Univision Communications, Inc. with the U.S. Bankruptcy Court for the Eastern District of Arkansas on Friday.

Univision asked the court to order Equity Media and SPCP Group, LLC, and Silver Point Finance, LLC to file full and complete operating reports immediately or to show cause why they should not be held responsible for their failure to provide the required information.

The debtors, according to Univision, "have, to date, filed what appear to be incomplete and misleading balance sheets, income statements, accounts receivable schedules, summaries of significant items and vendor check register reports, which are curious, mysterious and appear to be incomplete, excessive and out of compliance" with the applicable bankruptcy rules.

As previously reported in June Equity Media's Chapter 11 cases were converted to Chapter 7.

Equity Media, based in Little Rock, Ark., owns and operates television stations. The company filed for bankruptcy on Dec. 8, 2008, and its Chapter 11 case number is 08-17646.

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