Regent bankruptcy

From the Bloomington Pantagraph (listing of Peoria stations at the end is my addition)

BLOOMINGTON -- The owner of WJBC-1230 AM and nine other Central Illinois radio stations has filed for Chapter 11 bankruptcy protection, though the company said day-to-day operations should not be affected.

Regent Communications said it reached a restructuring agreement with holders of more than 75 percent of its secured debt. The deal would reduce long-term indebtedness by about $87 million and provide full recovery for holders of unsecured claims.

The Cincinnati-based company said in a court filing in Dover, Del., on Monday that, like other media companies, it has seen advertising revenue drop sharply because of the recession.

Regent said it owes more than $204 million in secured loans. It lists assets of about $166 million and total debt of about $211 million.

Regent has about 800 employees and owns 50 AM and 12 FM stations in nine states, including about 75 full and part-time workers at its five Radio Bloomington stations: WJBC, WBNQ-101.5FM, WBWN-B104, WTRX-93.7 FM and WJEZ, the latter two based in Pontiac. Regent also owns five stations in the Peoria area. (WZPW-FM, WGLO-FN, WIXO-FM, WFYR-FM and WPIA-FM)