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U.S. Bankruptcy Judge John TeSelle denied a motion that would have allowed NCNB Texas National to foreclose on property of Oklahoma City Broadcasting and take KGMC, Channel 34 off the air.
Thursday's ruling, in U.S. Bankruptcy Court for the Western District of Oklahoma, provides the Houston bank with the opportunity to renew its motion immediately if the station's reoganization plan is not confirmed, TeSelle said.
NCNB Texas National is Oklahoma City Broadcasting's largest secured creditor with a claim estimated at about $3.9 million or a total of $4.5 million with interest and attorney fees.
The Houston bank's debt is secured by all of the assets of Oklahoma City Broadcasting, except the station's Federal Communications Commission license.
If the motion were granted, NCNB Texas National planned to sell assets of Oklahoma City Broadcasting to Heritage Media Inc., owners of KAUT, Channel 43, according to court record. Heritage would then liquidate Oklahoma City Broadcasting's assets and remove the station from the airwaves.
"I think...