New York-Based Radio Station Operator Files for Chapter 11

Mega Media Group, Inc, the Brooklyn-based company that operates dance music station Pulse 87 in New York, has filed for bankruptcy protection under Chapter 11.

The bankruptcy filing comes just three weeks after the company said it was given a "reprieve" by some of its creditors.  The company listed assets of $180,000 and total liabilities of $3,564,060. Approximately $414,000 is owed to the IRS, with another $45,000 owed to the New York State Department of Taxation and Finance. Other creditors include the private equity firm AJW Partners, Aleksandr Cherny, Arbitron, and some former employees of the company.

Despite the bankruptcy filing, Mega Media Chief Executive Alex Shvarts said he is remaining optimistic.

"The recession is very tough on the radio market, but the Pulse 87 brand has been growing.  We're just looking to reorganize the company and get some breathing room from our creditors and reshape the company for the future," said Shvarts.

Pulse 87 operates less traditionally then other radio stations.  The station, which can be heard at 87.7 on the FM dial, operates through the audio portion of low-power analog television station WNYZ-LP.

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