A Goldman Sachs unit and other creditors have filed a liquidating bankruptcy petition against Princeton-based Nassau Broadcasting I LLC and its affiliates. In court documents, the creditors say they’re owed more than $86 million from Nassau Broadcasting, which operates radio stations in New Jersey, Maine, New Hampshire, Vermont and Maryland.
“Petitioners’ claims are secured by liens on and security interests in all or substantially all of the debtor’s assets and properties,” according to the Chapter 7 involuntary bankruptcy petition filed Thursday by Goldman Sachs Lending Partners LLC, Fortress Credit Opportunities I L.P., and P.E. Capital LLC against Nassau Broadcasting, in Delaware’s federal bankruptcy court.
“In general, creditors may file an involuntary bankruptcy petition against a debtor if they believe the debtor is not paying its debt as it comes due,” said David H. Stein, chair of the creditors’ rights and bankruptcy practice group in the Woodbridge-based law firm of Wilentz, Goldman & Spitzer P.A.
Stein, who is not involved in the case, said he was not speaking about the Nassau Broadcasting matter.
“A debtor can contest the filing, and a case may go to trial to determine if it will be dismissed, or converted to a Chapter 7 or a Chapter 11 (reorganization) filing,” Stein added.
Calls to Nassau Broadcasting and its attorneys were not returned.