Westwood One was facing debt payments it couldn’t meet, so they agreed to let the bondholders take effective control of the company. The common stock was at $.04 a share and the entire company was only “worth” $3 million (Market Capitalization)
The Gores Group is the new owner (they took a major stake in 2008). Whose money is funding Gores Group and what country is the money from? That’s why they call it “private” equity.