Alpha Media Holdings LLC

Alpha Media Holdings LLC opened Chapter 11 in the Eastern District of Virginia with 15 affiliated debtors, estimating 1,000-5,000 creditors at the lead-debtor level and disclosing top unsecured trade and operational creditors including Crown Castle Towers 05 LLC ($823,829), ASCAP ($748,598), American Tower ($216,688), the IRS ($209,140), and SBA Towers LLC ($158,164) source filing. John Grossi’s first-day declaration framed the case as a prearranged balance-sheet restructuring for the largest privately held U.S. radio broadcast and multimedia company, with more than 200 radio stations across 44 communities, over 11 million weekly listeners, and distress tied to COVID-era advertising declines from small and mid-sized business customers source filing.

The capital stack was roughly $267 million of funded debt: about $90 million of first-lien debt, $73 million of second-lien notes, and $104 million of unsecured notes source filing. The opening posture was liquidity-driven but not a liquidation: the debtors sought authority for a $20 million senior priming DIP led by ICG-backed second-lien noteholders, with no roll-up, to fund payroll, rent, royalties, utilities, taxes, and other operating needs while pursuing a plan that would equitize second-lien claims and leave general unsecured claims unimpaired and paid in the ordinary course source filing.