Interep Files for Chapter 7, Converting Chapter 13 Bankruptcy

Interep has filed a motion to convert its Chapter 11 bankruptcy to Chapter 7. The request is on the docket of Judge Robert Drain in the United States Bankruptcy Court in the Southern District of New York as of late last week. That private equity deal also included what Interep CEO David Kennedy at the time called a “pre-negotiated, pre-arranged” Chapter 11 filing. The move to Chapter 7 bankruptcy will mean the liquidation of Interep’s assets to pay its creditors. Perhaps Interep’s most visible client, CBS Radio, said in a statement, “We are looking at alternative national sales representation strategies. We’ll have something to announce in the near future.” The demise of Interep will leave Clear Channel’s Katz Media Group as the lone large national radio rep firm. [source]