Trouble

American Capital has entered into forbearance agreements with some of its lenders after the troubled BDC received notices of acceleration concerning $393 million of its privately placed notes. Under the agreement, 99 percent of the notes’s holders said they will not sue American Capital to collect payment for the outstanding amounts owed. The note holders also said they would not commence an involuntary bankruptcy proceeding, unless the holders of a majority of the debt agreed to terminate the forbearance period.

Bluewater Broadcasting LLC, a Montgomery, Ala.-based radio broadcaster backed by Alta Communications, has filed for Chapter 11 bankruptcy protection. The company has between $10 million and $50 million in liabilities.

Freedom Communications, a newspaper publisher whose titles include the Orange County Register, has filed for Chapter 11 bankruptcy protection. The Blackstone Group and Providence Equity Partners bought a 40 percent stake in Freedom Communications in 2004 for approximately $460 million.

NTK Holdings Inc. (Nortek), a Providence, R.I.-based maker of ventilation, air conditioning and heating products, said that it will file for bankruptcy protection as part of a restructuring agreement with its lenders. THL Partners acquired NTK from Kelso & Co. in 2004, and held a 66.48 percent equity stake as of late 2007, when NTK canceled a proposed $690 million IPO.

Samsonite Corp., a luggage maker owned by CVC Capital Partners, said that its retail business has filed for Chapter 11 bankruptcy protection. The move is part of a reorganization that would result in the closure of around half of Samsonite’s 173 U.S. stores. CVC bought Samsonite in 2007 for $1.7 billion.