Newspaper article THE JOURNAL RECORD
Kgmc to Operate under Agreement
Kwame Mumina, attorney for Oklahoma City Broadcasting Co., owners of the station, said this is a "stop gap" measure to keep the station operating until a long-term arrangement is made with Texas National.
Before filing for Chapter 11 reorganization bankruptcy, Oklahoma City Broadcasting incurred a $3.9 million debt to NCNB, the court order said.
To protect the use of its collateral, which is not to exceed $50,000, Texas National will receive a lien and security interest in all of Oklahoma City Broadcasting's accounts receivable and substantially all of its assets, the document said.
The broadcasting company also agreed to maintain a minimum of $100,000 in cash on hand and accounts receivable. If the amount of cash drops below $100,000, Texas National may terminate the post-petition financing arrangement with the broadcasting company, the order said.
The court order retroactively took effect on Feb. 9 when Oklahoma City Broadcasting filed its Chapter 11 petition.
Also on Friday, Busse Broadcasting Co., owner of KOKH-TV Channel 25, confirmed that the agreement to sell KOKH to Pappas Telecasting of Oklahoma had been cancelled. …