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International Media Group gets OK for $45 million asset sale to NRJ TV
By Jim Witters
Wilmington, Del., March 23 - International Media Group, Inc. received court approval on March 23 to sell substantially all its assets to its stalking horse bidder for a $45 million credit bid.
The bid from NRJ TV LA OpCo, LLC, NRJ TV LA License Co., LLC, NRJ TV Hawaii OpCo, LLC and NRJ TV Hawaii License Co. was the only bid received, said debtors attorney William E. Chipman. No auction was conducted.
NRJ TV II LLC is the successor-in-interest to the original lenders under the company's pre-bankruptcy first-lien credit agreement.
Changes to the sale order at the hearing in the U.S. Bankruptcy Court for the District of Delaware included the following:
• The purchaser may leave behind any assets it chooses;
• The purchaser may assign to affiliates any Federal Communications Commission licenses obtained in the transaction and do so without the consent of the debtor;
• The purchaser may assign FCC licenses to third parties with the consent of the debtor; and
• Any assignment of FCC licenses will occur when the purchaser closes the sale transaction.
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 with the U.S. Bankruptcy Court for the District of Delaware. The case number is 12-10140.
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