Regent, Citadel File FCC Papers As Part Of Bankruptcy Emergence
March 24, 2010 at 4:31 AM (PT)
REGENT COMMUNICATIONS has filed the paperwork with the FCC to transfer its licenses back from debtor-in-possession status. The filings are the next step in the company's emergence from Chapter 11 bankruptcy. The company is setting up an independent trust to hold the licenses if the bankruptcy plan gains final approval while the long-form applications to transfer the licenses back to REGENT are still pending at the FCC. A divestiture trust is being formed for KARS/LARAMIE, WY and its booster KARS-FM1/FORT COLLINS, CO and for KPEL-F/ABBEVILLE, LA, with the stations being spun off to satisfy ownership caps in the FORT COLLINS and LAFAYETTE, LA markets.
CITADEL has also filed to transfer its stations from the shareholders of CITADEL BROADCASTING CORP., the pre-bankruptcy version of the company, to the shareholders of CITADEL BROADCASTING CO., the version resulting from the company's pre-packaged Chapter 11 bankruptcy.