Inner City Media Corporation reaches agreement on pre-negotiated financial restructuring

New York, NY (BlackNews.com) — Inner City Media Corporation (the “Company”) announced that it has reached an agreement in principle with its senior lenders, pursuant to which the Company will implement a consensual pre-negotiated financial restructuring that will result in a restructured balance sheet.

The agreement provides that the Company and the senior lenders will file a chapter 11 plan of reorganization by mid-October, which is anticipated to, among other things, provide for the payment in full of all allowed administrative and general unsecured claims, subject to confirmatory due diligence by the senior lenders. The Company expects to emerge from bankruptcy protection by the end of 2011 and looks forward to working with the senior lenders in its emergence from bankruptcy.

More information about the reorganization may be found at www.gcginc.com/cases/ICBC.