Top reality-show producer Core Media currently has $398 million in debt.
Core Media Group, the company behind American Idol and So You Think You Can Dance, has filed for Chapter 11 bankruptcy protection in New York.
Core was founded a decade ago and was recently brought into a joint venture owned by 21st Century Fox and Apollo Global Management. But as Idol has now aired its last show, it appears as though Core envisions some restructuring. In the bankruptcy filing, the company says it owes $398 million to third parties, including from two matured loans from Tennenbaum Capital Partners, Crestview Media Investors, Bayside Capital and Hudson Bay Capital Management. The company reports about $73 million in assets but less than $10 million in cash on hand.
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