H1 B while Reinstating F1

[kajol_d1]

Hello...Can you please help me regarding these...

I am on F 1 visa i have completed my masters degree in 2010, I have failed to register the classes on time so may be i have to reinstate my status...Now one company is ready to file my H1 b...I am worried how long does the reinstatement take and can i apply for the H1 B at the same time....Do i have to face any problems during these? Please help me...and please let me know the chances on H1 B in my case....

Thanks
Regards...