Inner City Media eyes exclusivity extension in case sale falls through

By Caroline Salls

Pittsburgh, Dec. 30 - Inner City Media Corp. is seeking an extension to its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a Dec. 30 filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period by 60 days to March 6 and the solicitation period to May 5.

Although it believes that its proposed sale transaction is the best way to maximize the value of its assets, Inner City said it cannot be sure that the proposed sale will be completed.

In addition, some of the deadlines set in the sale motion are scheduled to occur after the expiration of the current exclusive periods, including a Feb. 13 bid deadline, Feb. 16 proposed auction date and Feb. 21 proposed sale hearing.

As a result, the company said it is requesting the exclusivity extension out of an abundance of caution to preserve all of its options in case the proposed sale cannot be completed.

A hearing is scheduled for Jan. 23.

Inner City Media is a New York-based radio company. An involuntary bankruptcy case was filed against it on Aug. 19. The Chapter 11 case number is 11-13697.

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