There’s an update on the ongoing story surrounding the Black News Channel following AfroTech’s previous report that the media outlet filed for bankruptcy.
According to Bloomberg, the Black News Channel has reached out to a federal judge to grant permission for funds from billionaire Jacksonville Jaguars owner Shahid Khan. The request would grant the outlet more time to stay afloat as they hunt for a new buyer.
Black News Channel's Request For Funds
In a hearing Tuesday, April 19, U.S. Bankruptcy Judge Karen Specie stated the Black News Channel could borrow $1.6 million from an organization affiliated with Khan.
The funding will allow Black News Channel to fulfill financial obligations such as paying vendors and their employees.
The network previously fired nearly all of its employees before filing for Chapter 11 bankruptcy with only 17 employees within its reach. Since then, it’s rehired seven former employees.
Potential Bidders Lining Up For Media Outlet
Bloomberg reports that, as of last month, the media outlet had $500,000 in cash and $25,000 in debt, according to court papers. While the Black News Channel is reportedly searching for ways to remain on the air, court papers reveal it has received interest from potential bidders recently.
“We think this case is going to rise and fall within the next sixty days,” said Christopher Schreiber, a lawyer for Khan’s investment entity in the hearing, according to Bloomberg. “Hopefully within that time we’re going to have a sale.”
