Peak Receives Approval of its Reorg Plan; to Emerge From Chapter 11
Peak Broadcasting, LLC reported that the company has received approval from the U.S. Bankruptcy Court on its plan of reorganization.
The prepackaged plan, which was approved by the requisite majority of creditors, is the document that addresses how the company will restructure its debt and satisfy creditor claims. The plan provides for continuing payment to Peak’s employees, vendors and other unsecured creditors.
The confirmation paves the way for the emergence of Peak Broadcasting from Chapter 11 protection. The company anticipates emergence sometime in early March, just two months after the initial filing of its petitions.
“I want to thank everyone involved with our organization for the smooth transition through the debt restructuring,” stated Todd Lawley, Peak’s CEO. “We now have the right capital structure on which to grow our business and support the communities in which we operate. We thank our employees, customers and vendors whose support has never wavered. “
Peak Broadcasting, LLC provides audio programming, focused advertiser solutions, and innovative traditional and digital media technology.