Big City Radio Announces Adoption of Plan of Liquidation and Dissolution by Board of Directors.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 22, 2003 Big City Radio, Inc. (AMEX AMEX See: American Stock Exchange : YFM YFM Yorkshire Fund Managers (UK) ) today announced that its board of directors has unanimously adopted a plan of complete liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy and dissolution Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership. The dissolution of a contract is its Rescission by the parties themselves or by a court that nullifies its binding force and reinstates each for Big City Radio. Adoption of the plan follows a review of strategic alternatives that Big City Radio commenced in the fall of 2002. As previously announced, Big City Radio has completed the sales of 11 of its 12 remaining radio stations and is in negotiations to sell the 12th station. The company undertook these asset sales as part of an auction process to raise the funds necessary to pay the principal and interest on its 11 1/4% senior discount notes due 2005. Noteholders accelerated payment of the notes as a result of defaults by Big City Radio under the notes. Big City Radio has paid substantially all of the net cash proceeds from the asset sales to the paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. for the notes. Big City Radio is currently unable to estimate with certainty the amount of its remaining assets that it will have to apply to satisfy its liabilities and obligations. Therefore, Big City Radio cannot predict at this time the amount of any future distributions it will be able to make to its stockholders after providing for payment of those liabilities and obligations. Big City Radio's plan of complete liquidation and dissolution will require stockholder approval under Delaware law. Information describing the plan and related matters will be filed with the Securities and Exchange Commission and mailed to stockholders. Stockholders should read that information carefully when it becomes available, because it will contain important information about the plan. Statements in this release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such forward-looking statements involve risks, uncertainties, and other factors, which may cause the actual results, performance or achievements of Big City Radio to be materially different from those expressed or implied by such forward-looking statements. Risks and uncertainties involving the plan of liquidation and dissolution relate to the timing and amount of distributions, if any, to stockholders, the ability of Big City Radio to sell its remaining assets on acceptable terms or at all, the amount and type of Big City Radio's liabilities and obligations, and the willingness of creditors of Big City Radio to accept payments in satisfaction of their claims. Information about some of these risks and uncertainties is contained in Big City Radio's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for its fiscal year ended December 31, 2002 and other filings with the Securities and Exchange Commission. |
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