Newspaper article THE JOURNAL RECORD

Logos Broadcasting Files Chapter 11

Newspaper article THE JOURNAL RECORD

Logos Broadcasting Files Chapter 11

Article excerpt

Briton Rd., a Christian radio broadcasting company, filed a Chapter 11 disclosure statement on Wednesday in the U.S. Bankruptcy Court for the Western District of Oklahoma.

On Dec. 17, 1987, American Society of Composers, Authors and Publishers filed an involuntary Chapter 7 liquidation petition of bankruptcy against Logos Broadcasting. The Society has received judgments against Logos Broadcasting over disputes involving licensing fees. The Chapter 7 case was converted to a Chapter 11 reorganinzation bankruptcy on Februrary 1, 1988. According to the filing, the plan will be entirely funded by income generated from Logos' broadcasting services. The plan's success will depend on the acceptance of lowered interest rates and extension of the period for repayment by the secured creditors.

Creditors who have priority claims will be paid in monthly installments of less than $550, including 11 percent annual interest over a period of 72 months, the filing stated.

Of the secured creditors, Central Bank of Oklahoma City will be paid in 60 monthly installments of $326 including 11 percent annual interest.

MetroBank NA, an Oklahoma City secured creditor which has a lien on all stock of the corporation, will be paid in full by the stockholders of the corporation, not through the plan.

Logos Broadcasting will pay Liberty Mortgage Co., serving as agent for Western Farm Bureau Life Insurance, $10,000 for compensation of this creditor's Chapter 11 claim for use of its secured property. The secured building and 11 acres on which it is located will be forfeited to Western Farm Bureau Life, the filing stated.

The company also agreed to pay HFC Commercial Realty $15,000 of which $10,000 will be paid to Western Farm Bureau in satisfaction of a claim to secure a six-month lease on property. …

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