Regent Communications filed to take itself and its subsidiaries into Chapter 11 on 3/1/10. With a reorganization plan now court-approved, it expects to be back out of Chapter 11 before the month of April is over, within 60 days of the initial filing.
Regent’s case is being handled by the United States Bankruptcy Court for the District of Delaware.
Regent President/CEO Bill Stakelin commented, “The reorganization plan will allow Regent Communications to emerge from Chapter 11, after only sixty days, with the financial flexibility necessary to ensure the continued pursuit of our strategic objectives. This new capital structure will allow us to continue to invest in our operations and maximize our growth potential in the recovering advertising marketplace.”
In a release, Regent said, “All outstanding shares of the Company’s common stock will be extinguished on the Plan’s effective date. As provided in the Plan, the Company expects that stockholders of record holding shares on that date will receive a distribution of approximately $0.128 per share by early to mid May.”
This particular chapter is expected to be closed on or about 4/27/10.