Audacy has reached agreement with its debt-holders on a prepackaged restructuring and filed for Chapter 11 bankruptcy protection.
As part of the restructuring, Audacy expects to drop its debt from approximately $1.9 billion down to $350 million. The company is expecting the bankruptcy court to hold a confirmation hearing in February and emerge from Chapter 11 upon FCC approval.
The company states that “operations will continue in the ordinary course throughout the restructuring process”, while trade and other unsecured creditors will not be impaired. The company’s common stock currently traded over-the-counter will continue to trade through the Chapter 11 process, but are expected to be canceled upon the completion of the restructuring.
Read the entire article here: https://radioinsight.com/headlines/263077/audacy-agrees-to-restructuring-with-debt-holders-files-for-chapter-11-bankruptcy-protection/
Lance Venta, RadioInsight (2024-01-07)