KANSAS CITY, Mo. — The company that owns four popular Kansas City’s radio stations has filed for bankruptcy.
Steel City Media, which owns KFKF (94.1), KCKC (102.1), KMXV (93.3) and KBEQ (104.3) said in a news release Tuesday that it “filed voluntary petitions for reorganization under Chapter 11.” The company also two radio stations in Pittsburgh, Pennsylvania.
“The company remains very profitable and expects to be able to generate sufficient cash from operations to meet the expenses of running our business during the Chapter 11 proceedings,” Michael Frischling, Steel City Media vice president, said in the release.
Frischling said the company has paid off more than $20 million in debt, but “softness in our markets” has caused the company to be non-compliant with “certain technical covenants.”
Steel City Media said it will explore several alternatives, “including standalone recapitalization and potential third-party investment scenarios,” but did not say if or how any of its stations will be affected by the bankruptcy filing.