Brill Media Management, Inc.

Client

Brill Media Management, Inc. was a media publishing and broadcasting company with 12 radio stations and more than 24 local newspapers and buyer guides.

Challenge

The Company faced a default on its unsecured bonds. Negotiations with the primary creditor had deteriorated, and management had been replaced by the bankruptcy court. Cash flow from operations was insufficient to pay current obligations.

Solution

After providing crisis management advisory services, Bridge was appointed to manage the Company as Bankruptcy Administrative Officer. In that role, Bridge improved the management team and enhanced the performance measurement and management processes. To meet current obligations, Bridge managed the sale of the Company's assets. After the sale, Bridge liquidated and distributed remaining assets through a plan of reorganization

Results

In a sale organized and managed by Bridge, the Company realized returns of more than $117 million. Bridge continues to manage the post-confirmation wind down.