a move which Chief Restructuring Officer Paul Brissette believed could allow the company a chance to avoid bankruptcy. Equity filed for Chapter 11 bankruptcy on December 8, 2008 after the company defaulted on a loan worth $41.5 million. One of its creditors, Silver Point Finance, soon filed to change the bankruptcy from a voluntary Chapter 11 to an involuntary Chapter 7 in an attempt to foreclose on Equity assets, as they felt that there was no way Equity could reorganize under Chapter 11, nor did they have enough funds to cover payroll. Silver Point ended its attempts to push the company directly into liquidation on December 23, in return for the appointment of Kim D. Kelly, a new Chief Restructuring Officer (CRO) who exerted near-total control to run the company and handle decisions on the sale of the individual stations. Trading in Equity Media Holdings Corporation (EMDA.Q) common stock, units, and warrants were suspended on December 18, 2008; NASDAQ announced on January 15, 2009 that the Equity-related securities were de-listed permanently. The sale of Equity's flagship Little Rock TV station KWBF (now Nexstar Broadcasting Group's KARZ-TV) closed at the end of January 2009; similarly named RTN radio station KWBF-FM had also been sold (to Flinn Broadcasting Corporation) and went silent in November 2008, later returning as KZTS under its new owner. Equity had also unexpectedly terminated a deal with the Southland Conference to carry University of Central Arkansas basketball games on KKYK-DT, effective January 14, 2009. Silver Point extended a $58 million "debtor in possession" loan on February 2, 2009 to keep Equity on-air under chief restructuring officer Kim D. Kelly, but at a hefty interest rate premium: 8% above the current London Interbank Offered Rate. The chief restructuring officer was not answerable in any way to Equity's board. On April 10, 2009, Equity announced an auction of all its stations, held on April 16 in Dallas. About 60 stations (counting repeater transmitters) were sold (subject to FCC approval) at a total of $21.3 million. Retro Television Network Equity Media had been paid to provide centralcasting services for RTN after that network was sold to Luken Communications for $25 million in June 2008. Equity had held an option to re-purchase RTN from Luken; that option expired unexercised on December 24, 2008. On January 4, 2009, a contract conflict between Equity and Luken Communications, the owners of RTN, interrupted the programming