Brill Media Management, Inc.

Client

Brill Media Management, Inc. was a media publishing and broadcasting company with 13 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 cash flow from operations was insufficient to pay current obligations and service debt.

Solution

Bridge was initially engaged to provide crisis management advisory services. Subsequently, pursuant to bondholder pressure Bridge was mandated by the court to manage the Company as Bankruptcy Administrative Officer. In that role, Bridge: revised performance measurement metrics and management processes, negotiated the DIP loan and managed the senior lender interface, managed the interface for the debtors with all creditors and stakeholder groups, provided oversight and control over the Debtor’s marketing process ( Arbitron ) and Barter commitments, assumed responsibility for facilities management, developed and managed the sale of the Company’s assets pursuant to Court order, liquidated assets subsequent to confirmation of the plan, litigated and distributed assets to stakeholders, provided information to and support for the Company auditors to allow completion of certified financial audit in the absence of any corporate personnel.

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 estate.