While Cumulus Media emerged from Chapter 11 bankruptcy on June 4, with $1 billion less debt on its balance sheet, some creditors claim they are still owed money. Vertical Bridge tells the U.S. Bankruptcy Court for the Southern District of New York it’s still owed several thousands of dollars for unexpired tower leases.
In an objection to “Debtor’s Second Notice of Satisfaction of Claims,” filed by CM WIND DOWN TOPCO, INC. and its affiliates, Vertical Bridge told the court: “The Debtors represent they have paid the ‘cure’ necessary to assume certain leases and therefore the claims or scheduled amounts identified should be expunged.” But the towerco says regarding its radio tower leases, the “cure” has not been paid and the relief sought by the Debtors should not be granted.
The debtor asserts that, out of the claims filed by Vertical Bridge, a total of $128.20 was owed for a tower lease in Cincinnati, OH and that has been paid. “The amounts owed to Vertical Bridge and its affiliates are based on lease arrears incurred in connection with unexpired leases between Vertical Bridge and its affiliates and the Debtors,” states the towerco in its filing.
Vertical Bridge says it’s owned more than $116,000 for a total of 13 leases for nine sites. The towerco says the amounts owed are a combination of monthly rent and common area maintenance fees.
The case is No. 17-13381 in the U.S. Bankruptcy Court for the Southern District of New York.
July 11, 2018