NBG Foreclosed On: Crystal Media Formed

NBG Radio Networks said its senior secured lender had foreclosed on substantially all of its assets as well as substantially all of the assets of its subsidiary. In a statement, NBG wrote: “The boards of directors determined that such action was appropriate after a thorough analysis of its viability and its ability to satisfy its obligations to its senior secured lender, as well as previous consultation with legal and valuation counsel.
NGB said John Holmes had resigned as president/CEO effective Jan. 29, 2003.
Crystal Media Network formed to produce, distribute, and sell network programming to national advertisers. It took over some of NBG’s programs.