SHERIDAN BROADCASTING CORP. has filed for chapter 11 bankruptcy, reports THE PITTSBURGH POST-GAZETTE.
AURN1The company is the majority owner (51%) in AMERICAN URBAN RADIO NETWORKS, and now finds itself involved in a legal battle for AURN with ACCESS.1 COMMUNICATIONS subsidiary NBN BROADCASTING, INC. ACCESS.1 also owns the syndication company SUPERADIO.
SHERIDAN is using bankruptcy protection to keep from losing control of AURN. The move follows a MARCH 1st deadline for either partner to buy out the other. Sources say that two of three payments were made by SHERIDAN to NBN, but the hard deadline for the third and final payment was missed.
On FRIDAY (3/4), ACCESS.1 CEO CHESLEY MADDOX-DORSEY filed a declaration, “In Support Of The Motion Of NBN BROADCASTING, INC. For Relief From the Automatic Stay to Enforce The Terms Of A Settlement Agreement Between NBN BROADCASTING, INC. and SHERIDAN BROADCASTING NETWORK, INC. in the USDC Court for the Western District of PENNSYLVANIA.”
The filing claims immediate majority interest in AURN by NBN.