Regent Communications announced Monday morning that it has reached agreement with its creditors on a pre-packed Chapter 11 filing which will reorganize the company’s balance sheet, eliminating approximately $87 million of debt. Senior debt holders will convert their holdings into a new series of equity, while current public shareholders will receive approximately 12.8 cents for each share that they own. The company’s stock closed Friday at 18 cents.
Regent noted that it has a current cash position of approximately $11 million, giving it ample liquidity and sufficient funds to pay all of its vendors and employees. The company said the restructuring process will have no impact on Regent’s day-to-day operations and will not result in any changes to senior leadership.