Owner of 10 area radio stations files for Chapter 11

The parent company of about 10 local radio stations has filed for Chapter 11 bankruptcy, officials from NextMedia Group Inc. in Colorado announced in December.

On their Internet web site at nextmediagroup.com, the company announced it has reached an agreement with its lenders for a consensual restructuring of the company.

The company owns WERV in Aurora, WZSR in Woodstock, WWYW in Crystal Lake, WCCQ in Crest Hill, WJOL and WSSR in Joliet, WKRS and WXLC in Waukegan, and WIIL and WLIP in Kenosha Wisconsin.

The company said, to facilitate the agreement, NextMedia filed voluntary petitions for reorganization under Chapter 11 with the U.S. Bankruptcy Court in Delaware. It added in its statement that the process will significantly increase liquidity and strengthen the company's balance sheet.

They added the reorganization process will have no impact on day-to-day operations of NextMedia's business and will not result in any changes to senior management or any reduction to employee headcount.

NextMedia added they have sufficient funds to pay all of its vendors and employees, but will reduce its debt under the restructuring.

"As a result of this reorganization, we will bolster our financial position considerably, enhancing our ability to invest in our operations and execute our strategy," said Steve Dinetz, President and CEO of NextMedia. "Over the past 18 months we have taken steps to reduce costs and increase efficiencies across our operations, while continuing to invest in our assets, content, sales, marketing and customer service."

In total, NextMedia Group, Inc. owns and operates 36 AM and FM radio stations located in seven mid-sized and suburban markets, as well as approximately 5,200 traditional outdoor advertising bulletins and posters located in six markets.

The company, headquartered in Greenwood Village, Colorado, has approximately 500 employees across the country.