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Target Market News launches Chicago business publication


Target Market News has introduced Black Business Chicago, a new monthly which will spotlight news and features on Chicago's African-American businesses, corporate executives and local economic issues. The publication will also be supplemented by a Web site, blackbusinesschicago.com, that will provide updated coverage of relevant business news on a daily and weekly basis between issues of the monthly print publication. Click for more
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Buying Power report: Blacks spend as economy grows
New 16th edition shows $507 bil in spending



The finding comes from the 16th annual edition of "The Buying Power of Black America" report. In 2009, black households spent an estimated $507 billion in 27 product and services categories. ...

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Creditors ask bankruptcy judge to force Inner City Broadcasting into Chapter 11

(August 22, 2011) A large radio broadcasting company targeting African-Americans and founded by civil rights leader Percy Sutton could wind up under the control of billionaire Ron Burkle and other creditors seeking to put it in bankruptcy.

Three creditors asked a bankruptcy judge to put the parent of Inner City Broadcasting Corp into Chapter 11 after the owner of "urban" radio stations around the country, including WBLS and WLIB in New York, pulled out of a deal to restructure its debt.

In a filing Saturday with the U.S. Bankruptcy Court in Manhattan, Burkle's Yucaipa Corporate Initiatives Fund II LP, Drawbridge Special Opportunities Fund Ltd and Fortress Credit Funding I LP said they are owed $254 million by the parent, Inner City Media Corp.

The creditors said Pierre Sutton, the company's chairman and a son of Percy Sutton, scuttled a proposed prepackaged bankruptcy that would have paid unsecured creditors in full, and allowed a small payment to equity holders, which is unusual when a company is insolvent.

The creditors accused Pierre Sutton of rejecting the proposed deal to gain a bigger payout for himself, and ushering in new directors and replacing restructuring advisers who had recommended the prepackaged bankruptcy plan.

A lawyer for Inner City Media did not immediately return a call for comment.

Percy Sutton, who died in 2009, was a civil rights lawyer who represented Malcolm X and was also the longest-serving president of New York's Manhattan borough.

During his time in office he formed Inner City and bought WLIB, making it the New York's first black-owned radio station.

The company went on to own as many as 18 radio stations as well as the Apollo, the famed theater in Harlem, and produced the amateur talent program "It's Showtime at the Apollo."

The company no longer owns the theater or produces the show.

The lenders plan would have given them the majority of the equity in the company and a reduced amount of debt. Shareholders would have received $1.2 million in cash, a 2 percent stake in the company, and warrants for 6 percent of the common stock and stock options of management.

The proposed plan also included a five-year employment agreement for Pierre Sutton with a $600,000 annual salary.

-From Reuters

ICBC issued the following statement through its public relations firm: "Our radio stations remain on air, and our programming is intact.  We are in active discussions with our new creditors. Our independent committee of directors continues to evaluate all of our options, and we look forward to arriving at an agreement that respects the Company's storied legacy and better positions us to achieve continued long term success."


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