LBI Media requests exclusivity extension, cites confirmation timeline

By Caroline Salls

Pittsburgh, March 19 – LBI Media, Inc. requested a 120-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Under the proposed extension, LBI’s exclusive plan-filing period would be extended through July 19 and the solicitation period through Sept. 17.

As previously reported, LBI has filed a plan of reorganization, which it said in Tuesday’s motion is supported by key stakeholders.

“The debtors are committed to confirming and consummating the plan,” the extension motion said.

However, the company said the confirmation hearing is scheduled to begin on March 25, after the expiration of the current exclusive filing period. In addition, LBI said the plan will not take effect until regulatory approvals are obtained following confirmation.

A hearing is scheduled for April 25.

LBI Media is a Burbank, Calif., owner and operator of Spanish-language radio and television stations. The company filed bankruptcy on Nov. 21 under Chapter 11 case number 18-12655.

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