Trustee Objection To Regent Reorg Plan Denied
March 22, 2010 at 2:42 PM (PT)
Bankruptcy Judge KEVIN GROSS has overruled U.S. Acting trustee ROBERTA DE ANGELIS' objection to REGENT COMMUNICATIONS' motion to have the bankruptcy court waive a shareholder vote on its reorganization plan.
DE ANGELIS believed that shareholders should have the right to render their opinion on the proposed plan; REGENT has contended that since the plan pays unsecured creditors all of what they are owed, there is no need for a vote. Judge GROSS sided with REGENT and granted the Motion in its entirety.
Meanwhile, 6.6% shareholder RESILIENT PARTNERS LP has informed the SEC that it will object to REGENT's plan and may file its own rival plan. A meeting of creditors is scheduled for MARCH 31st. The confirmation hearing is presently scheduled for APRIL 9th.