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Bankruptcy petition filed against radio station owner

September 19, 2011|By ANDREW SCHOTZ |

HAGERSTOWN — An involuntary petition for bankruptcy filed last week is aimed at a company that owns dozens of radio stations, including in Hagerstown.

Nassau Broadcasting Partners L.P. of Princeton, N.J., is facing a chapter 7 bankruptcy, in which assets are liquidated to pay debt.

Nassau Broadcasting says on its website that it operates 14 radio stations in the Mid-Atlantic region and 31 in New England.

In Hagerstown, it has 106.9 The Eagle/WWEG-FM, a rock station, and WARK-AM 1490, which airs talk shows and oldies music.

It also has Key 103/WAFY-FM in Frederick, Md.

Petitioners have alleged that Nassau Broadcasting Partners owes them $83.8 million, including:
• $69.8 million owed to Goldman Sachs Lending Partners LLC of New York City
• $11.2 million owed to Fortress Credit Opportunities I LP of New York City
• $2.8 million owed to P.E. Capital LLC of Denver.

The case was filed Thursday in U.S. Bankruptcy Court in the District of Delaware.

Messages left Monday afternoon for Nassau Broadcasting Partners, WWEG and WARK were not returned.

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