Steel City Media files Chapter 11
March 21, 2018
In what seems to be an all too regular news story, Steel City Media has filed for Chapter 11 bankruptcy. The company, which owns four stations in Kansas City under the name of MGTF Radio Company LLC, filed on March 20.
Steel City bought KMXV, KFKF, KCKC and KBEQ from Wilks Broadcasting in 2014. RadioInsight reported Tuesday that flagship Pittsburgh stations WLTJ (92.9) and WRRK (96.9 Braddock), operated under WPNT Inc., were not a part of the filing. But the Pittsburgh Business Times report on Wednesday implied that the Pittsburgh cluster is included in the filing.
Vice-president Michael Frischling tells the PBT that the company remains profitable and should be able to meet the obligations of the restructuring. Frischling says that softness in the markets has resulted in the inability to meet with certain technical covenants despite having paid down their senior lender by more than 35 percent since 2014.
Company assets and liabilities lie between $50-100 million.
