On Tuesday Media businessman Gerardo Angulo filed for Chapter 11 bankruptcy protection for six of his companies, seemingly finding a loophole to stop the embargo proceeding begun Monday by creditor Westernbank, the Daily Sun learned.
According to U.S. Bankruptcy Court records, Angulo filed for protection for Editorial La Semana Inc., publisher of La Semana weekly newspaper in Caguas, late Monday, soon after Commonwealth court marshals executed a judicial order to embargo the property, as per a civil lawsuit Westernbank filed seeking payment for more than $39.8 million in loans.
It remaines unclear whether bankruptcy protection will be sought for Angulo’s remaining 12 companies, including Agencia de Publicaciones de Puerto Rico in Cataño, also embargoed on Monday.
Agencia de Publicaciones published the Vea and TV Guía weekly entertainment magazines, which were in circulation for several decades each. – Puerto Rico Daily Sun. For the rest of the story click here.