Border Media Partners, previously known as BMP Radio, will be taken over by its lenders, because the company failed to make any debt payments for the past 2 years.
The privately owned company, headquartered in Dallas, has 29 radio stations and online properties in Texas and Mexico. Most of the stations air Spanish-language programming.
Radio-online.com reports that according to an FCC filing, the lenders say the takeover was “amicable.” CEO Jeff Hinson will step down on Friday. The company’s assets will be liquidated.
Tom Castro founded BMP Radio in 2002.