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The Portland-based company that owns KXL, KINK and KUPL radio stations – along with more than 200 other stations across the country – filed for bankruptcy on Sunday night.
Alpha Media Holdings has said none of its stations will stop broadcasting. He told employees on Monday that operations will continue as usual.
The company said it would use the protection offered by Chapter 11 bankruptcy to reduce debt and raise additional capital. In bankruptcy documents filed in the Eastern District of Virginia, Alpha told the court that he had already reached a preliminary agreement to accomplish this restructuring,
Alpha has properties in 44 markets across the country. Endeavor Capital, a Portland-based private equity firm, invested in Alpha and helped fund its growth.
Alpha owes its creditors more than $ 267 million, according to the bankruptcy filings. It owes more than $ 103 million to a single lender, ICG North America Holdings.
Alpha has said in bankruptcy documents that its stations rely on “engaging live content” to cultivate a “passionate” listener base. KXL is the flagship station of right-wing speaker Lars Larson.
Alpha also owns the 750 The Game Sports Chat Station. John Canzano, sports columnist for The Oregonian / OregonLive, also has a daily radio show on this station.
The growing popularity of streaming and other alternatives has had a negative impact on the traditional radio industry. Then the pandemic struck, taking a significant share of advertising sales. The company has laid off staff and reduced wages or demanded time off for others. But that was not enough to avoid the current crisis.
“Our core business continues to perform well despite current market challenges,” said Bob Proffitt, CEO of Alpha. “We will continue to invest in our talented teams to foster the unique culture that has been key to Alpha Media’s success.”
Jeff manning
971-263-5164
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