Regent Communications announced today (Tuesday, April 27) it has completed its reorganization plan and will emerge from the bankruptcy process effective today. The bankruptcy reorganization moved quickly and was completed less than two months after the filing on March 1st.
The company says it will now have “new financial flexibility” under the financial reorganization which slashed its debt load.
“As previously announced and consistent with the Plan, all outstanding shares of the Company’s common stock have been extinguished effective today. As provided in the Plan, the Company expects that stockholders of record as of the close of trading on April 26, 2010 will receive a distribution of $0.13 per share by early-to mid-May,” the announcement from Regent stated.