Equity Media: Univision's request for reports, dismissal denied

By Lisa Kerner

Charlotte, N.C., Dec. 21 - Equity Media Holdings Corp. does not have to file monthly operating reports at Univision Communications, Inc.'s request, according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Arkansas.

In addition to denying Univision's request to have Equity Media file reports, the court denied Univision's alternative request to have the case dismissed.

As previously reported, Univision said Equity Media 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.

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

Univision said the debtors had 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.

Based in Little Rock, Ark., Equity Media 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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