Alpha Media emerges from bankruptcy.

The station group formed by former CEO Larry Wilson is emerging from Chapter 11 bankruptcy and has requested that the FCC transfer all its licenses back to the corporation (from debtor-in-possession status to non-debtor-in-possession status). The bankruptcy filing took place only in January; in short order, Alpha has restructured its ownership so that venture capital financing will make up 98.5%, leaving one and a half points for company executives. The restructuring also involves foreign ownership in excess of the 25% maximum, for which Alpha is requesting a waiver.