Communications Corp. of America seeks court OK of bid procedures for selected market asset sales

By Caroline Salls

Pittsburgh, Nov. 20 - Communications Corp. of America requested court approval of the bidding procedures for the proposed sale of its assets in five markets, from which the company hopes to generate $70 million in net proceeds, according to a Monday filing with the U.S. Bankruptcy Court for the Western District of Louisiana.

The company plans to use sale proceeds to reduce its outstanding secured debt.

According to the filing, the company wants to sell its assets in its El Paso, Texas; Shreveport, La.; Odessa, Texas; Evansville, Ind.; and Brownsville, Texas, markets.

CobbCorp is assisting the company in marketing the assets and will select the stalking horse bidder.

Communications Corp. of America will pay a 3% break-up fee and 1% in expense reimbursement if it receives an alternate bid for at least $150,000 more than it would receive under a stalking horse agreement.

Communications Corp. of America, a Lafayette, La., television station owner, filed for bankruptcy on June 7. Its Chapter 11 case number is 06-50410.

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