Marshall Broadcasting names Mission Broadcasting winning bidder

By Caroline Salls

Pittsburgh, March 27 – Marshall Broadcasting Group, Inc. has named Mission Broadcasting, Inc. as the winning bidder for its assets, according to a notice filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The total consideration to be paid by Mission will include a $49.01 million credit bid. In addition, a $4.9 million portion of the Marshall Broadcasting Group secured obligations will be forfeited and waived by the buyer if the purchase agreement is terminated by the seller, and the deposit amount will be deemed compensation and consideration for entering into the agreement and will be deemed liquidated damages.

If the purchase agreement is terminated for any reason other than by the seller under specified circumstances, the deposit will be returned to the buyer and reinstated as a portion of the secured obligations.

Marshall said it originally had a stalking horse bid agreement with Allen Media Broadcasting Evansville, Inc. The only two bids received by the bid deadline were from Mission Broadcasting and Allen Media.

However, the company said it decided not to proceed with Allen Media’s bid because it did not comply with some provisions of the bid procedures order.

Marshall is a Houston-based broadcasting company. The company filed bankruptcy on Dec. 3 under Chapter 11 case number 19-36743.

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