VA Radio: F-L-S Stations On Auction Block In May

The Free Lance–Star Publishing Co.’s assets are scheduled to be auctioned off in May as part of the media company’s Chapter 11 bankruptcy case, according to fredericksburg.com.

Attorneys for the FLS and its secured creditor, Sandton Capital Partners, laid out the timeline for the asset sale during a short hearing Thursday in front of U.S. Bankruptcy Judge Kevin R. Huennekens.

Almost 20 potential bidders have already signed nondisclosure agreements expressing interest in the company’s assets, FLS attorney Paula Beran told the judge. Thirteen of them are actively looking through company financial data to evaluate a potential bid. One interested party visited the FLS this week.

The company’s assets include the newspaper, fredericksburg.com, Freelancestar.com, WFLS, WVBX, WWUZ, WNTX, Print Innovators, several real estate properties in the city and additional digital products.

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The formal bidding process will occur over the next two months. Potential bidders are primarily working through the company’s financial adviser, Suzanne Roski of Protiviti Inc.’s Richmond office.

Interested parties have until May 9 to submit a bid, according to the timeline set forth Thursday. The auction will be held May 15, and a sale hearing is expected May 22.

The assets are expected to be sold officially by June 20, followed by a second closing to sort out transfer legalities with the Federal Communications Commission.

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