Regent Announces Completion of Reorganization Plan

RADIO ONLINE | , , | :am CT

Regent Communications has completed its reorganization plan and will emerge from the bankruptcy process, effective Tuesday, with what it calls "new financial flexibility" following its initial petition to the court on March 1. Regent has completed all conditions of its First Amended Joint Plan of Reorganization and its Debtor Affiliates under Chapter 11.

As previously announced, all outstanding shares of the company's common stock have been extinguished, effective Tuesday. As provided in the plan, the company expects that stockholders of record as of the close of trading on April 26 will receive 13 cents per share by early-to mid-May.