International Media Group Chapter 11 case converted following sale

By Caroline Salls

Pittsburgh, Oct. 19 - International Media Group, Inc.'s Chapter 11 bankruptcy case has been converted to Chapter 7, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The conversion took effect at 5 p.m. ET on Oct. 19.

As previously reported, the company completed the sale of substantially all of its assets on Aug. 10.

"Given the closing of the sale and the limited funds available to the debtors under the wind-down budget funded by NRJ TV II LLC, the debtors do not believe that they will be able to propose or confirm a plan in these cases and are currently incurring administrative expenses," International Media said in its motion.

The company said that all administrative expenses were expected to be paid before the hearing on the case conversion motion.

International Media Group, based in Los Angeles, is an AsianMedia subsidiary that owns and operates multilingual television stations. The company filed its Chapter 11 case on Jan. 9, 2012. The case number is 12-10140.

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