Posted by chicagomedia.org on October 24, 2008 at 15:19:53:
Interep Writes Final Chapter (7)
ALL ACCESS has learned that INTEREP Vice Chairman and CEO DAVID KENNEDY told the rep firm's management on a conference call this morning that the company plans to close in the "near term" after converting its bankruptcy from Chapter 11 to Chapter 7 liquidation.
A motion by INTEREP to convert its bankruptcy into Chapter 7 was on the docket for Judge ROBERT D DRAIN in U.S. Bankruptcy Court for the Southern District of NEW YORK TODAY (10/24).
Reaction And Comments
The demise of INTEREP affects not only CBS RADIO, but other notable names like BEASLEY, ENTERCOM, ESPN, NEXT MEDIA, RADIO DISNEY, and more. For a complete list, just click here.
And, now what happens to their clients?
A CBS RADIO official released the following statement: "We are looking at alternative national sales representation strategies. We'll have something to announce in the near future." CBS declined comment regarding the recovery of commissions owed by INTEREP.
ALL ACCESS contacted mZ MEDIA, which now becomes the 1000 pound gorilla in the national sales rep world, for comment. SVP/Corporate Commmunications MICHAEL SHERMAN said, "We decline to comment."
More details as ALL ACCESS receives them.
(All Access)