Radiogroup Laser Broadcasting, which owns Swindon’s Brunel FM, has formally been placed into administration.
Laser faced a winding-up order from one of its creditors.
But the Darlington-based company made an application to be placed into administration at the High Court in Leeds.
Laser’s administration application was heard on Friday.
CW Harwood & Co solicitor Robert Abblestone, who presented the winding-up order, said: “Laser has now been placed into administration with immediate effect.
“I cannot comment on what that will mean for the nine radio stations they own.”
The winding-up petition was brought two weeks ago by the Gateshead-based venture capitalist Capital North East No1 Limited Partnership.
Andy Haslam, from Begbies Traynor, is one the administrators in the case.
He said: “The radio stations will now go under an extended marketing period, where companies can bid for them.
“I understand that Brunel FM will be part of three radio stations in the south west, and two others, that will be sold together as a group.
“We have successfully rescued the radio stations. It is up to the new owners to take it from here.”
Former Brunel FM DJ Dan Chisholm hopes the radio station’s future will be sorted out sooner rather than later.
“When the new owner comes it will be welcome news,” he said.
Dan, who presented the breakfast show, was at Brunel FM for 18 months.
He resigned from the station in August when £900 for his freelance contract failed to materialise.
Laser Broadcasting, via subsidiaries, holds nine commercial radio licences.
They are Bath FM, Brunel FM, three Sunshine-branded stations in Ludlow, Hereford and Worcester, and Hereford/Monmouth, two Quay West stations in Somerset and Bridgwater, 3TR in Warminster and Fresh Radio in Skipton, in the North Yorkshire Dales.