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+--- Thread: WGRD Files for Chapter 11 Bankruptcy (/showthread.php?tid=3843)
WGRD Files for Chapter 11 Bankruptcy - dino - 03-01-2010
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DOVER, Del. (AP) -- Radio-station operator Regent Communications has filed for Chapter 11 bankruptcy protection.
The company says it has reached a restructuring agreement with holders of more than 75 percent of its secured debt. The deal would reduce long-term indebtedness by about $87 million and provide full recovery for holders of unsecured claims.
The Cincinnati-based company said in a court filing in Delaware on Monday that, like other media companies, it has seen advertising revenue drop sharply because of the nationwide economic downturn.
Regent Communications Inc. has about 800 employees and owns 50 AM and 12 FM stations in nine states. It says it owes more than $204 million in secured loans. It lists assets of about $166 million and total debt of about $211 million.
In Grand Rapids, Regent owns and operates WGRD-FM, WLHT-FM, WFGR-FM, WTRV-FM and WNWZ-AM.
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I really doubt it will affect the show but it is a kick in the nuts for all involved.
Re: WGRD Files for Chapter 11 Bankruptcy - Biff - 03-01-2010
Fortunately it's just restructuring. Everyone in the industry or who has eyes on the industry saw this coming months ago. The guys and the cluster will be okay.
Re: WGRD Files for Chapter 11 Bankruptcy - schuyler16 - 03-02-2010
well at least it won't effect the guys all that much