12/16/2008 5:08 AM
Severe weather has closed down much of Little Rock, Ark., postponing a hearing of Equity Media Holdings in U.S. Bankruptcy Court.
As reported last week by arkansasbusiness.com
, one of the company’s creditors is seeking to change Equity’s bankruptcy from Chapter 11 to involuntary Chapter 7, meaning a liquidation of the company could ultimately result.
A hearing was scheduled for today (Dec. 16), but a recorded message at the court’s telephone number says it’s closed due to the weather.
Equity owns 121 TV stations, including many Univision affiliates, although only 23 are full-power.
According to arkansasbusiness.com
, Silver Point Finance LLC of Greenwich, Conn., is seeking about $41.5 million it loaned to Equity, and says the broadcaster can’t pay its workers.
Equity’s stock price, soaring above $5 per share just a few years ago, sold for less than 3 cents per share Monday afternoon.