Regent Emerges From Bankruptcy
April 27, 2010 at 10:58 AM (PT)
REGENT COMMUNICATIONS, INC. has completed its reorganization plan and will emerge from bankruptcy TODAY (4/27). REGENT filed for Chapter 11 on MARCH 1st and has completed all conditions of its reorganization plan.
All outstanding shares of REGENT have been extinguished effective today.
Stockholders of record as of the close of trading on MONDAY (4/16) are expected to receive a distribution of $0.13 per share by early-to mid-MAY.
REGENT's licenses have transferred to the REGENT TRUST, overseen by BROADCAST MANAGEMENT AND TECHNOLOGY Pres./CEO JAY MEYERS as Trustee, with the stations LMA'd back to REGENT until the licenses, other than the two being spun off in FORT COLLINS and LAFAYETTE, LA, are transferred back to the "new" REGENT.
[Is this a sign that things are getting better for radio? Do you work for REGENT? What do you think? Please share your thoughts below.]