Mississippi Valley Broadcasting, owner of five La Crosse, WI radio stations, has filed for Chapter 11 bankruptcy protection. According to a filing with the U.S. Bankruptcy Court in Eau Claire, WI, the company has assets worth between $100,000 and $500,000 and debts totaling $1.7 million held by Coulee Bank.“Given the prospect of default under the loan agreement as a result of failing to maintain minimum deposits, the debtors filed these cases to restructure its debts through a plan,” the company told the court in a filing.
In addition to Coulee Bank, court filings show the company’s largest credits are ASCAP, BMI and SESAC. The court has cleared Mississippi Valley Broadcasting to continue paying its more than two-dozen employees while it moves ahead with its restructuring.
Mississippi Valley Broadcasting owns AC “Magic 105” WLXR-FM, country “Kicks 106.3” WQCC, “Classic Rock 100.1”WKBH-FM, classic hits “Eagle 102.7” KQEG and “Today’s Talk 1490” WLFN in La Crosse.