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Radio Unica files for Chapter 11 to implement sale to Multicultural Broadcasting
By Carlise Newman
Chicago, Oct. 31 - Radio Unica Communications Corp. made a filed voluntary Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of New York to implement the sale of its station group and related assets to Multicultural Broadcasting, Inc.
The company also said it plans to separately sell its radio network and promotions company.
Under the agreement with Multicultural broadcasting the company will receive $150 million in cash for its radio stations. It is expected that the transaction will be completed by the second quarter of 2004.
Under the prepackaged bankruptcy plan, holders of the company's 11¾% senior discount notes will receive $700 in cash per $1,000 principal amount, all other creditors will receive 100% of their claims, and stockholders will receive the remainder estimated to be between $0.47 and $1.03 per share.
Holders of 100% of the company's senior notes, the only class of creditors impaired by the plan, have voted to support the transaction and the prepackaged bankruptcy. Mass Promotions, Inc. has not filed for bankruptcy.
Miami-based Radio Unica operates Spanish-language radio stations.
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