LBI Media granted exclusivity extension to await regulatory approvals

By Caroline Salls

Pittsburgh, Aug. 6 – LBI Media, Inc. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive plan-filing period was extended by 120 days through Nov. 16 from July 19 and the solicitation period through Jan. 15 from Sept. 17.

As previously reported, LBI’s third amended plan of reorganization was confirmed on April 17.

However, the company said the plan will not take effect until regulatory approvals are obtained.

According to the motion, LBI has filed the necessary applications to seek the regulatory approval and is preparing for emergence, but recognizes that it may need more time to obtain approval.

LBI Media is a Burbank, Calif., owner and operator of Spanish-language radio and television stations. The company filed bankruptcy on Nov. 21, 2018 under Chapter 11 case number 18-12655.

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