Tuesday, October 28, 2008

Interep still in business while organizing

(Mediaweek): "Interep spent Monday (Oct. 27) letting advertisers, agencies and the stations it represents know that it hasn't shut its doors yet and is still conducting business. A trustee, attorney Kenneth Silverman, is working with CEO David Kennedy and executive management to preserve as much value in the company as possible, which could lead to a sale of all or part of the company. Meanwhile, all employees of Interep still have a job and for now, there are still two national radio rep firms.
  • "The trustee has determined that it is in the best interests of the debtors' estates to continue the operations of the debtors and has arranged for ongoing funding of the trustee's operations," Silverman wrote in a letter sent to Interep's clients Monday afternoon (Oct. 27)....
On Friday, Interep filed a motion with the U.S. Bankruptcy Court for the Southern District of New York to convert its bankruptcy Chapter 11 status to Chapter 7 liquidation in order to pay off the company's debtors.... This article is an UPDATE to my post on 10/25/08 saying Interep would begin layoffs this week.

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