Ames Taping Tools, a Duluth, Ga.-based maker of automatic taping and finishing tools, announced plans to file for bankruptcy protection, as part of a prepackaged reorganization. Under terms of the deal, Ames assets will be sold to existing company backers Aurora Capital Group, GSC Group and Saybrook Corporate Opportunity Fund.
Citadel Broadcasting Corp. has filed for bankruptcy protection, and said that it has reached a restructuring deal with more than 60 percent of its senior lenders. Forstmann Little & Co. owns 28.7 percent of the radio broadcaster’s shares, according to the filing.
Heartland Publications LLC, a community newspaper publisher with 50 titles, has filed for Chapter 11 bankruptcy protection. The company was formed in 2004 by The Wicks Group and Wachovia Capital Partners, with a focus on the Southern U.S. It reports around $134.3 million in total assets and around $166.2 million in total liabilities.
Jones Stephens Corp., a Moody, Ala.-based plumbing supplies company backed by Cortec Group, has filed for Chapter 11 bankruptcy protection.
Terra Firma Capital Partners has sued Citigroup for alleged fraud related to Terra Firma’s 2007 purchase of music publisher EMI Group. The private equity firm alleges that Citigroup failed to reveal that the only other EMI suitor, Cerberus Capital Management, withdrew its offer hours before the auction had closed. Terra Firma is asking for billions in damages.
The Walking Co., a footwear retailer owned by Kayne Anderson, has filed for Chapter 11 bankruptcy protection. The company also said it would seek approval to begin store closing sales at 90 of its 210 locations.