Equity Media to sell remaining property, assign satellite licenses

By Caroline Salls

Pittsburgh, Feb. 24 - Equity Media Holdings Corp. requested court approval to sell its remaining property and assign its Ku Band Satellite licenses to United Assurance Co. Ltd. and Global Broadcasting Network Inc., according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Arkansas.

The assets being sold include the building and real property that comprise Equity Media's Little Rock, Ark., headquarters and all the equipment and other assets related to the Skyport System.

The purchase price will be equal to the sum of all amounts due on the closing date under a note issued in November 2004, plus a $1.3 million Skyport assets cash component, plus the assumption of liabilities.

The sale is subject to receipt of higher or better offers and bankruptcy court approval.

A hearing is scheduled for March 19.

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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