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Radio Station Owner Inner City Media Targeted for Bankruptcy

By Edvard Pettersson
August 19, 2011 8:44 PM EDT

Creditors of Inner City Media Corp., the holding company for the owner of New York City’s WLIB and WBLS radio stations, filed an involuntary Chapter 11 bankruptcy petition.

The creditors, including Yucaipa Cos. funds, listed $254 million in debt in a filing today in U.S. Bankruptcy Court in Manhattan.

Inner City Media, through Inner City Broadcasting, owns urban-formatted radio stations in New York, California, South Carolina and Mississippi.

Erica Garay, a lawyer listed as representing Inner City Media in a separate civil lawsuit filed last month in New York, didn’t immediately return a call for comment.

The case is In re Inner City Media Corp., 11-13967, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

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