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Cape radio stations, CapeCod.com, declare bankruptcy

09/24/09 · 2:54 pm :: posted by CCToday     

Cape Cod Broadcasting owner files for bankruptcy

Cape Cod Broadcasting owns WQRC-FM, WOCN-FM, WKPE-FM and WFCC-FM and the web site capecod.com.

Cape Cod Broadcasting, the Hyannis-based owner of four FM radio stations on the Cape, a classical music network and the CapeCod.com web site, filed for Chapter 11 bankruptcy protection yesterday.

The locally owned and operated broadcaster has insufficient funds to continue operating the business, unless the court gives it the go-ahead for a loan of up to $500,000, according to court documents. The company listed less than $50,000 in assets and $10 million to $50 million in debt in its bankruptcy filing. .. Herald.

10 million owed two debtors, employees took 10% pay cut

The company that owns some of Cape Cod's leading radio stations and Web site CapeCod.com filed for bankruptcy protection and owes a Wellesley Hills, Mass.-based company $3.5 million, court records show.

Baltimore's M&T Bank Corp. is owed $6.5 million, with $4 million of that secured, court records show. The bank has interest in all of the company's assets, including accounts receivable.

Sandab has asked the court to allow it to borrow up to $500,000 from M&T at 10 percent annual interest. The company needs the financing because it has insufficient funds, court records show. Stephen D. Seymour, listed in court filings as president of Sandab Communications, lives in Townson, Md., and owns the largest piece of the company along with a family limited partnership, records show... Boston Business Journal.

 

 

8 comments
Blog posts and comments are entirely the thoughts and ideas of the people who write them and in no way represent the views of CapeCodToday.com, eCape, Inc., or its employees or owners.

09/24/09 @ 3:13 pm
Ned [Member] writes:
Hmmmm It's now perfectly legal for Rupert to swoop in ... fair balanced and oh-so-funky...
 [ Show all comments by this user ]
09/24/09 @ 3:18 pm
Ana Paulina [Member] writes:
Let's purchase it!
 [ Show all comments by this user ]
09/24/09 @ 5:41 pm
Jonathan [Member] writes:
How did they get a range of 10 million to 50 million in debt? That's quite a range! Covering their bases, apparently.
 [ Show all comments by this user ]
09/24/09 @ 8:27 pm
voiceofreason22 [Member] writes:
Not to mention Jonathan, thats ALOT of debt.

Obviously a very sound business practice.

Question is....where did the money go?? My suspicious mind thinks it didn't make it's way into the coffers at Cape Cod Broadcasting.

Just another classic example of "pretending to fail".
 [ Show all comments by this user ]
09/25/09 @ 8:03 am
CC Rockhopper [Member] writes:
Ok, how many of you have been in the Radio biz? ,, first I will give you the debt range is very questional, not just radio but any biz with the size of income to outgoing ratio that should be normally expected and in the radio biz for their market area. But the cost of doing radio today is not getting any better. The other big Owner Nassau Broadcasting has already had to restructure with Goldman Sachs earlier this year to avoid faulting on loans. My question is for a company that has boasted in being a Cape Cod based business why is a majority really owned off the Cape and I do agree in asking where the money is going when they have said they wanted to keep the money on the Cape. But these 4 stations combined I do not think are valued at what the debt is listed for, I would be surprised if they really are, especially in todays market. Interesting and sad
 [ Show all comments by this user ]
09/25/09 @ 8:05 am
Ted from Hyannis Port [Member] writes:
I think the license is a million a year, and the other stuff is sort of zigged and zagged through the IRS into SDI funding.
 [ Show all comments by this user ]
09/25/09 @ 10:30 am
videopaul [Member] writes:
Too bad for the employees but it's a good sign to see pop culture dinosaurs going down in flames. Want to hear REAL local radio that is truly Cape Cod? Listen to WOMR 92.1 FM.
 [ Show all comments by this user ]
09/25/09 @ 1:24 pm
CC Rockhopper [Member] writes:
VideoPaul,, remember what is one mans trash is another mans treasure. The stations themselves all originated on the Cape, these are local people providing a local service, it is just the business side that is split on and off the Cape. Im not a NPR person, Im not hip/hop but there are many on the Cape that are NPR and some that are Hip/Hop, my point is WOMR is needed just as much as these stations are. They are good for the commuinity, with the right ownership and money managment
 [ Show all comments by this user ]
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