Interep seeks more exclusive time to sell assets, file reorganization plans for non-plan debtors

By Jennifer Lanning Drey

Portland, Ore., July 28 - Interep National Radio Sales, Inc. requested a three-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Sunday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan-filing period to Oct. 27 from July 29 and its solicitation period to Dec. 26 from Sept. 30.

The company also asked that the exclusive plan-filing period for its non-plan debtors be extended to Aug. 27 from July 29 and the solicitation period to Oct. 27 from Sept. 30.

Interep filed a plan of reorganization on April 23 that included all of its debtors; however, according to the motion, on May 15, Interep debtors Interep Interactive, Inc. and Interactive's subsidiaries Streaming Audio Inc. and Interactive Video Network, Inc. were excluded from the plan because of Interep's pending plans to sell the subsidiaries.

Interep said it is close to being in a position to either sell the non-plan debtors or file Chapter 11 plans for them.

Interep's plan confirmation hearing is scheduled for Aug. 6, while a hearing on the exclusivity motion is scheduled for Sept. 10.

New York-based Interep filed for bankruptcy on March 30. Its Chapter 11 case number is 08-11079.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.