CINCINNATI, April 13 /PRNewswire-FirstCall/ -- Regent
Communications, Inc. (Pink Sheets: RGCIQ) announced today that the
United States Bankruptcy Court for the District of Delaware has confirmed the Company's Plan of
Reorganization (the Plan).
"The reorganization plan will allow Regent Communications to
emerge from Chapter 11, after only sixty days, with the financial
flexibility necessary to ensure the continued pursuit of our
strategic objectives," said Bill
Stakelin, Regent's President and CEO. "This new capital
structure will allow us to continue to invest in our operations and
maximize our growth potential in the recovering advertising
marketplace."
Regent Communications expects its Plan to become effective on or
about April 27, 2010, once all
closing conditions have been met.
All outstanding shares of the Company's common stock will be
extinguished on the Plan's effective date. As provided in the Plan,
the Company expects that stockholders of record holding shares on
that date will receive a distribution of approximately $0.128 per share by early to mid May.
On March 1, 2010, Regent
Communications and its subsidiaries filed voluntary joint petitions
for reorganization under Chapter 11 of the U.S. Bankruptcy Code in
the District of Delaware.
Additional information surrounding the Company's
restructuring, including copies of the Plan and Confirmation Order,
will be available at www.regentcomm.com.
About Regent Communications
Regent Communications, Inc. is a radio broadcasting company
focused on acquiring, developing and operating radio stations in
mid-sized markets. Regent owns and operates 62 stations
located in 13 markets. The Company's shares are traded over
the counter under the symbol "RGCIQ.PK".
This press release includes certain forward-looking
statements with respect to Regent Communications, Inc. for which it
claims the protections of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements involve certain risks
and uncertainties and include statements preceded by, followed by
or that include words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "project" and other similar
expressions. Although Regent believes expectations reflected in
these forward-looking statements are based on reasonable
assumptions, such statements are influenced by financial position,
business strategy, budgets, projected costs, and plans and
objectives of management for future operations, as well as the
process the Company is undertaking with its reorganization and
emergence under Chapter 11 of the U.S. Bankruptcy Court. Actual
results and developments may differ materially from those conveyed
in the forward-looking statements based on various factors
including, but not limited to: changes in economic, business and
market conditions affecting the radio broadcast industry, the
markets in which we operate, and nationally; increased competition
for attractive radio properties and advertising dollars; increased
competition from emerging technologies; fluctuations in the cost of
operating radio properties; the Company's ability to manage growth;
the Company's ability to effectively integrate its acquisitions;
potential costs relating to stockholder demands; changes in the
regulatory climate affecting radio broadcast companies;
cancellations, disruptions or postponement of advertising schedules
in response to national or world events; and the Company's ability
to regain and maintain compliance with the terms of its credit
facilities or to refinance or restructure such obligations. Further
information on other factors that could affect the financial
results of Regent Communications, Inc. is included in Regent's
filings with the Securities and Exchange Commission. These
documents are available free of charge at the Commission's website
at http://www.sec.gov and/or from Regent
Communications, Inc.
SOURCE Regent Communications, Inc.