Pappas Telecasting trustee looks to sell substantially all assets without stalking horse bid

By Jennifer Lanning Drey

Portland, Ore., Dec. 1 - Pappas Telecasting, Inc.'s Chapter 11 trustee requested court approval for the company to sell substantially all of its assets at auction without a stalking horse bid, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The assets to be sold include 10 of Pappas' television stations in California, Washington, Texas, Nebraska, Iowa and North Carolina, as well as all related broadcast tower leasehold interests, equipment, licenses, permits and authorizations.

As previously reported, bids for the assets are due at 4 p.m. ET on Dec. 4.

All bids must include a 10% cash deposit and a $1 million deposit to be paid via certified check or wire transfer.

The company's pre-bankruptcy lender agent will be allowed to submit a credit bid for one or more of the television stations, and the agent will not be required to pay a deposit.

The auction is scheduled for Dec. 11, and the sale hearing will be held Dec. 16.

Pappas Telecasting, a private broadcasting company based in Fresno, Calif., filed for bankruptcy on May 10. Its Chapter 11 case number is 08-10916.

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