Bluewater Emerges from Bankruptcy
Bluewater in Montgomery has filed with the FCC to emerge from bankruptcy protection after a reorganization with Alta Communications, the holder of most of the debt. Bluewater filed a Plan of Reorganization with the Court, and it allows current management to stay in place and a structured payout of funds mainly owed to Alta Commuincations. I didn’t spend too much time reading through the paper work but it does have a lot information about the company including some the projections for the future. I was really surprised by the amount of money that they expect the internet to bring in for them. Some basic salary information is listed and on one page from my rudimentary knowledge of contracts it looks like Arbitrons claim for payment and Bluewater Management Contract was rejected.
There is more information at Radio-Info.com:
http://boards.radio-info.com/smf/index.php?topic=169835.0
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