CINCINNATI — Regent Communications, owner of 62 stations, including four radio stations in the Utica-Rome market, has emerged from Chapter 11 bankruptcy today, according to a press release issued this morning by the company.
Among the important items to note, according to the press release:
As previously announced and consistent with the Plan, all outstanding shares of the Company’s common stock have been extinguished effective today. As provided in the Plan, the Company expects that stockholders of record as of the close of trading on April 26, 2010 will receive a distribution of $0.13 per share by early-to mid-May.
As explained by radio-info.com, in order to satisfy various legal requirements, all Regent stations were temporarily placed in a trust and LMA’ed back to Regent. Then, most of the stations were given to the “new” Regent ownership, of which former debtholder Oaktree Capital has majority control.
Most — not all — because Regent’s clusters in Fort Collins, CO and Lafayette, LA exceed current market ownership limits (they were “grandfathered in” when the current rules took effect). Those markets will remain held in the trust until some or all are divested to meet current ownership limits.
To the best of our knowledge here at CNYRadio.com, it’s business as usual at Regent’s four stations in Utica-Rome — Big Frog 104 (WFRG), Lite 98.7 (WLZW), Oldiez 96 (WODZ) and Newsradio 950 WIBX.
Earlier, Regent had promised the bankruptcy proceedings and subsequent change of control would have no major impact on top-level management, nor day-to-day operations of the company. According to a Form 8-K filed with the Securities and Exchange Commission today, five people are exiting Regent’s Board of Directors. President/CEO William L. Stakelin retains his post, heading a board now includes a number of new members who are key players at Oaktree.
Editorial Disclosure: CNYRadio.com editor Peter Naughton is a part-time (once every few weekends) on-air personality for Regent-owned WLZW. It has been site policy to include this disclosure with any story involving Regent Communications since Naughton started working for WLZW in November 2009.