St. Louis — Broadstripe Communications, the former Millennium Digital Media, could
be the next small cable operator to test the deal market, after it hired two advisers to investigate
options, including a possible sale.
Broadstripe filed for Chapter 11 bankruptcy protection in January 2009 and hired New
York telecom investment banker DH Capital in May 2009 to place a value on the company,
according to bankruptcy court documents. In August 2009, DH Capital’s role grew into brokering
the sale of 14 Broadstripe systems in Washington state and locating exit financing for
Broadstripe’s owner, Highland Capital.
In April, Broadstripe extended DH Capital’s agreement until Dec, 31, 2010. Broadstripe
hired Los Angeles-based consultant El Molino Advisors in early May to help improve operations,
reduce costs and, if need be, dispose of certain assets.
Broadstripe has about 93,000 customers in Maryland, Michigan, Washington and Oregon.