The winning bidder in the auction of Young Broadcasting’s group of 10 stations, which includes KLFY TV-10, is scheduled to be selected tomorrow but may not be announced for a few days. That’s presuming—in a market where station values are plummeting—one of the bids even meets the minimum amount assigned, according to a story published today by Broadcasting & Cable.
If no party’s bid reaches the minimum assigned by Young and financial adviser UBS—a highly possible scenario, many believe—the bank would take over the stations in an equity-for-debt swap, insiders say, with an eye on dealing them in a better economic climate.
July 14 may well come and go without resolution for the Young group, which entered Chapter 11 bankruptcy protection in February. A similar auction was to occur in late June, but Young pushed it back three weeks to accommodate what it said was a flurry of late interest. “The Company wanted to ensure that these new potential investors have the opportunity to review sufficient information to enable them to participate fully in the investment process,” said Chairman Vincent Young in a memo to staffers, “and thereby maximize value for the Company and its lenders and creditors.”
Citing sources close to the deal, Broadcasting & Cable also reports that the rumor mill of interested suitors has come down to Oak Hill Capital, the money behind Local TV LLC, and an equity group known as H.I.G. Capital, which is not very well known in the broadcast community.
Young Broadcasting filed Chapter 11 bankruptcy protection in February. B&C lists the local CBS affiliate among the group’s strongest performers. Read the rest of the story here.
Frank’s Casing Crew, now doing business as Frank’s International, will make its final appearance on ABiz’s list of the Top 50 Privately Held Companies in Acadiana this year, and once again it will likely be at the top with more than $1 billion in annual revenues. The 75-year-old company specializing in tubular fabrication and installation services to the oil and gas industry plans to offer shares of its stock to the public for the first time.
The defeat, or rather highjacking of House Bill 420 in the final days of this year's Legislative Session, say Reps. Vincent Pierre and Terry Landry, is the result of the propaganda spread by one unidentified local media outlet and an unnamed former state Representative, but nothing to do with the original legislation's lack of checks, balances or details.
He’s a singer. A songwriter. A piano man. A family man. He’s even got his own Wikipedia entry. He’s David Egan. And he knows ancient secrets about the monolithic stones of Stonehenge that he’s not willing to share.