Radio giant Alpha Media ducks for cover with Richmond bankruptcy filing
BizSense file)
Another big corporation has tumbled into Richmond to file bankruptcy, this time from the radio industry.
Alpha Media, which owns more than 200 radio stations nationwide, arrived in Richmond Sunday with a prepackaged Chapter 11 bankruptcy restructuring, aimed at reducing its more than $200 million in debt and allowing it to stay in business uninterrupted while it weathers a financial storm it says is caused by the pandemic.
The Portland, Oregon-based, privately held company is the latest major out-of-town company to look to Richmond’s federal court for bankruptcy safe haven.