Despite Chapter 7, Interep's Doors Open Today
October 27, 2008 at 6:22 AM (PT)
The industry was shocked FRIDAY when ALL ACCESS reported (NET NEWS 10/24) that INTEREP Vice Chairman/CEO DAVID KENNEDY told the rep firm's management on a conference call that the company plans to close in the "near term" after converting its bankruptcy from Chapter 11 to Chapter 7 liquidation.
ALL ACCESS has confirmed that INTEREP will be open for business TODAY (10/27), and employees were asked over the weekend to report to work as they normally would.
Reports have Federal bankruptcy trustee KENNETH SILVERMAN looking to keep the company open this week as the future of INTEREP is sorted through, including the rumor of an internal offer to possibly save the financially embattled rep firm, or parts of it.
But, what of big INTEREP clients like CBS and ENTERCOM? Will they continue to go their own ways? Last we heard on FRIDAY was that they were each preparing for a future without INTEREP.
CBS VP/Communications KAREN MATEO told ALL ACCESS, "INTEREP is still currently representing CBS RADIO stations."