Young Broadcasting Inc. Class A (fka YBTVQ)

[RonnieD]

interesting decision by the debtors. i wonder how much Silver Point had to do with this.
question remains, now that they own the company, will they take shareholders along for the ride or not ?

NEW YORK: Attorneys for Young Broadcasting cancelled the asset auction scheduled for today. Jo Christine Reed of Sonnenschein, Nath & Rostenthal, LLP filed a Notice Cancellation of Auction with the U.S. Bankruptcy Court for the Southern District of New York, dated July 13.

“The Debtors, pursuant to the terms of the Bidding Procedures Order, have determined that the Auction is not necessary and hereby provide notice that the Auction is cancelled.” No further information on the cancellation was provided.

Young filed for Chapter 11 in February after defaulting on $10.6 million in interest payments. The company listed assets of $575.6 million versus $980.4 million in debt. When the auction date was scheduled, Young’s attorneys said there was a “healthy amount of interest” in the assets. B&C said two private equity concerns among prospective shoppers--HIG Capital and Oak Hill Capital.