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Bluewater emerging from bankrupcy

B

busterluck

Bluewater in Montgomery has filed with the FCC to emerge from bankruptcy protection after a reorganization with Alta Communications, the holder of most of the debt. Bluewater filed a Plan of Reorganization with the Court, and it allows current management to stay in place and a structured payout of funds mainly owed to Alta Commuincations. Bluewater's reorganization plan and financial statements are included in the most recent FCC application. The reorganization plan is very interesting reading, and has historical financial information and information of operating costs, salaries, and billing projections (optimistic) including future loan payments. These FCC filings gives a rare look at the past and present Bluewater operations and projected cash flow moving forward. To read the Plan of Reorganization, go to the FCC website, go to AM query, and put in call sign WACV. Go to "application list" and select Application dated 5/17/2010. Then scroll down to Plan of Reorganization. It is 58 pages long, and beginning on page 28 are detailed Bluewater finanical information. This is a rare look-see at the operations of the 4 station cluster, and it's $19,000 a month LMA paymnet for 107.9. The plan is what a investment person would call a "forward looking statement" At any rate it is good for the employees and current management that they can continue operations in this rough broadcasting times at least for a while.
 
Bluewater has a new web site Buzz Montgomery.com It looks very good, and it supplies a lot of local information that is also found on other web sites. Time will tell if it can produce a decent revenue stream, or just increase expenses for the corporation.
 
Noticed on the FCC website that control of Bluewater has been now transferred from the receiver in bankruptcy to the reorgainized Bluewater that holds on to 51% of control. Lending institution holds 49% now. Debt for equity deal
 
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