LBI Media & Estrella TV file for Bankruptcy

LBI Media, Inc. (LBI)  announced it is pursuing a financial restructuring.

To implement the restructuring, LBI and certain of its affiliates have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company has filed a number of customary motions seeking court authorization to continue to support its business operations during the restructuring process, including the continued payment of employee wages and benefits without interruption. The Company expects to receive court approval for these requests shortly. The Company also intends to pay vendors and suppliers in full under normal terms for goods and services provided after the date hereof.