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Radio Unica Communications Corp. Files for Relief Under Chapter 11 With 100% of
Bondholders Approving the Plan
MIAMI, Oct. 31 /PRNewswire-FirstCall/ -- Radio Unica Communications Corp.
(BULLETIN BOARD: UNCA) and certain of its subsidiaries (excluding Mass
Promotions, Inc.), today announced that it has filed voluntary petitions for
relief under Chapter 11 of the U.S. Bankruptcy Code. The filing was made in the
U.S. Bankruptcy Court for the Southern District of New York in order to
implement the previously announced sale of its station group and related assets
to Multicultural Broadcasting, Inc. and its plan to separately sell its radio
network and promotions company.
Under the Multicultural agreement the Company will receive approximately $150
million in cash for its radio stations. Completion of the transaction is subject
to bankruptcy court approval, regulatory approvals and other conditions. It is
expected that the transaction will be completed by the second quarter of 2004.
Under the prepackaged bankruptcy plan holders of the Company's 11 3/4% Senior
Discount Notes will receive approximately $700 in cash per $1,000 principal
amount, all other creditors would receive 100% of their claims, and stockholders
would receive the remainder currently estimated to be between $0.47 and $1.03
per share. Holders of 100% of the Company's outstanding Senior Discount Notes,
the only class of creditors impaired by the plan, have voted to support the
transaction and the prepackaged bankruptcy. Mass Promotions, Inc. has not filed
for bankruptcy.
Radio Unica will continue to broadcast its Spanish language programming and
otherwise operate its business in the normal course through the closing of these
transactions.
About Radio Unica Communications Corp.
Radio Unica Communications Corp. is based in Miami, Florida and its operations
include the Radio Unica Network and an owned and/or operated station group
covering U.S. Hispanic markets including Los Angeles, New York, Miami, San
Francisco, Chicago, Houston, San Antonio, McAllen, Dallas, Fresno, Phoenix,
Sacramento, and Tucson.
DATASOURCE: Radio Unica Communications Corp.
CONTACT: Steven E. Dawson, Radio Unica Corp., +1-305-463-5000; or Chris
Plunkett, Brainerd Communicators, Inc., +1-212-986-6667, for Radio Unica
Corp.