International Media Group seeks conversion of case to Chapter 7

By Jim Witters

Wilmington, Del., Sept. 21 - International Media Group, Inc. is seeking to convert its Chapter 11 bankruptcy case to Chapter 7, according to documents filed Sept. 21 with the U.S. Bankruptcy Court for the District of Delaware.

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 case, and are currently incurring administrative expenses," the company wrote in its motion.

The company said that all administrative expenses have been paid or will be paid before the hearing on the 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. The case number is 12-10140.

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