It was announced Wednesday morning that Monroe Capital is lending the money to the station to help pay down debt. It’s a $35 million senior credit facility to support the recapitalization of Jerry Lee’s WBEB in Philadelphia. Back in early 2015 it was announced that, after buying out partner Dave Kurt’s family for over $85 Million in 2005 when Kurtz died, Lee had to pay a note that had come due of $22 Million. A few months later Zell stepped in to take control of the WBEB license with three of the five board members his appointments.
