Interep Ad Agency Files Pre-Arranged Chapter 11

Law360, New York (March 31, 2008, 12:00 AM EDT) -- A large advertising sales and marketing company has revealed that it has made a pre-arranged bankruptcy filing, seeking to restructure the company's balance sheet to manage anticipated liabilities from bonds that come due July 1.

Interep National Radio Sales Inc. and 14 affiliates filed a joint voluntary Chapter 11 petition Sunday in the U.S. District Court for the Southern District of New York in consultation with the company's two largest bondholders, who also furnished Interep with a new, $25 million credit facility.

“The strategic decision Interep...
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