Interep National Radio trustee gets court approval to disburse funds

By Lisa Kerner

Charlotte, N.C., Feb. 15 - Interep National Radio Sales, Inc.'s Chapter 7 trustee Kenneth P. Silverman was granted approval to effect an interim distribution to certain administrative and unsecured creditors, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The trustee estimates that he will disburse about $2.25 million to holders of allowed administrative, priority and general unsecured claims. Silverman would also establish reserves for unresolved administrative claims in the amount of about $1.26 million and for unresolved unsecured claims in the amount of $321,752.51, a prior filing said.

To date, about 1,218 claims have been filed against the debtors' estate, 82 of which remain unresolved.

The trustee has collected $37,159,312.14 and disbursed $32,029,799.28, leaving a balance on hand of $5,029,512.86, as of Jan. 20.

As previously reported, the funds being held are from the proceeds from the sale of the debtors' assets, collection of accounts receivable and settlements of certain avoidance actions.

Interep, a New York-based radio advertising and marketing company, filed for bankruptcy on March 30, 2008. Its Chapter 11 case number is 08-11079.

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