- Current report filing (8-K)
13 December 2008 - 8:50AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): December 8, 2008
EQUITY
MEDIA HOLDINGS CORPORATION
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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000-51418
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20-2763411
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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One
Shackleford Drive, Suite 400
Little
Rock, Arkansas
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72211
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (501) 219-2400
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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¨
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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¨
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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¨
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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¨
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 1.03
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Bankruptcy and Receivership
Arrangement
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On
December 8, 2008, Equity Media Holdings Corporation filed voluntary petitions
for relief under Chapter 11 of the U.S. Bankruptcy Code with the United States
Bankruptcy Court for the Eastern District of Arkansas. Equity Media
determined to file for relief under Chapter 11 after extensively exploring all
of its options. Equity Media believes that the Chapter 11 process
provides the best alternative for maximizing the value of the Company for the
benefit of its stakeholders including lenders, stockholders, suppliers,
customers and employees. Equity Media will continue to take
additional steps in connection with this filing, including seeking to obtain
debtor in possession financing and relief from the court to service its payroll
obligations, in order to continue operations, and the development and submission
of a plan of reorganization to the Court. A press release announcing
the filing was issued by the Company on December 9, 2008 and a copy of such
release is included with this Report as Exhibit 99.1.
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
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On
December 8, the board of directors terminated Patrick Doran as Chief Financial
Officer of the Company. On December 10, Robert Becker was
affirmed by the board of directors of the Company as the Company’s Chief
Operating Officer and principal executive officer. Concurrently with
such appointment, John Oxendine, the Company’s Chief Executive Officer resigned
from such office, although he remains a member of the board of
directors. Mr. Becker is a director of the Company. For
his services as Chief Operating Officer, Mr. Becker will receive a monthly
salary of $23,333.33 and will be reimbursed for reasonable
expenses.
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Item
9.01.
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Financial Statements, Pro Forma
Financial Information and
Exhibits
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99.1 Press
Release, dated December 9, 2008
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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EQUITY
MEDIA HOLDINGS CORPORATION
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By:
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/s/
Robert Becker
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Robert
Becker
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Chief
Operating Officer
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