Owner of 3 Big Isle radio stations files bankruptcy
Parrott Broadcasting L.P., the owner of three Big Island radio stations, has filed for bankruptcy reorganization in Idaho citing more than $1 million of debts and claims owed to creditors.
The operator of KIPA-AM 1060, KHBC-FM 92.7 and Kona-FM 92.1 petitioned for Chapter 11 protection last month, saying its assets were less than liabilities.
The company operates broadcast studios in Hilo and at the Sheraton Keauhou Bay Resort & Spa in Kailua, Kona.
Among the radio personalities it employs is Mel Medeiros, a longtime Big Island broadcaster who goes by the name Mynah Bird on his morning show on KIPA.
A message left for Scott D. Parker, general partner of Parrott Broadcasting, was not immediately returned.
But it appears the radio station owner's problems included a legal judgment secured against it last year. Maui attorney Paul Mancini sued Parrott Broadcasting for client Aloha Radio Group in a Big Island court last year.
Mancini said the lawsuit was for amounts owed from the sale of KHBC to Parrott in 2007.
In December, the case was decided in Aloha Radio Group's favor with a judgment of $243,000 entered against Parrott Broadcasting.
Parrott's summary of liabilities showed it owed $1.05 million to creditors and includes an unsecured claim for $156,000 related to the December 2007 purchase of KIPA.
The filing shows Parrott Broadcasting's assets totaled $789,300 and estimated the value of its Federal Communications Commission licenses on the three radio stations at $550,000.