5.30.370 Receivership.
A. The city shall have the right to cancel a franchise 120 days after the appointment of a receiver or trustee to take over and conduct the business of a grantee, whether in receivership, reorganization, bankruptcy, or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said 120 days, or unless:
1. Within 120 days after the election or appointment, such receiver or trustee shall have fully complied with all of the provisions of this chapter and a franchise and remedied any defaults thereunder; and
2. Within said 120 days, such receiver or trustee shall have executed an agreement, duly approved by the court having jurisdiction, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this chapter and a franchise granted to the grantee except where expressly prohibited by Washington law.
B. A grantee shall immediately notify the city in writing if it:
1. Files a voluntary petition in bankruptcy, a voluntary petition to reorganize its business, or a voluntary petition to effect a plan or other arrangement with creditors;
2. Files an answer admitting the jurisdiction of the court and the material allegations of an involuntary petition filed pursuant to the Bankruptcy Code, as amended; or
3. Is adjudicated bankrupt, makes an assignment for the benefit of creditors, or applies for or consents to the appointment of any receiver or trustee of all or any part of its property including all or any part of its cable system. (Ord. 5531 § 2, 2004.)