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Dec 16

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12/16/2008 5:08 AM  RssIcon

Severe weather has closed down much of Little Rock, Ark., postponing a hearing of Equity Media Holdings in U.S. Bankruptcy Court.

As reported last week by arkansasbusiness.com, one of the company’s creditors is seeking to change Equity’s bankruptcy from Chapter 11 to involuntary Chapter 7, meaning a liquidation of the company could ultimately result.

A hearing was scheduled for today (Dec. 16), but a recorded message at the court’s telephone number says it’s closed due to the weather.

Equity owns 121 TV stations, including many Univision affiliates, although only 23 are full-power.

According to arkansasbusiness.com, Silver Point Finance LLC of Greenwich, Conn., is seeking about $41.5 million it loaned to Equity, and says the broadcaster can’t pay its workers.

Equity’s stock price, soaring above $5 per share just a few years ago, sold for less than 3 cents per share Monday afternoon.

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