Zell Credit Opportunities Fund is taking over controlling interest in Jerry Lee Broadcasting.
Jerry Lee Broadcasting is the owner of AC “101.1 More-FM” WBEB Philadelphia. The transaction filed with the FCC is setup to give the creditor control of the company’s Board of Managers by increasing its membership from three to five people due to default on a due loan and giving it managing control of the station.
The credit agreement included in the FCC filing indicates that the filing is the first step towards an eventual sale of the station. The new Manager is authorized by the contract to “retain an investment banker, open a data room and to populate it with all customary due diligence materials and open such data room up to potential bidders, and to take other preliminary steps in preparation of a sale of the business.”