At 4:30 this afternoon we’ll hear from Cumulus CEO Mary Berner and her team as the company reports 4th quarter 2016 and full year earnings. Cumulus has been struggling through a turnaround and with trying to fix its balance sheet which includes about $2 Billion in debt. Berner has now been in charge of the company for 18 months.
Radio’s second largest company recently terminated an attempt to refinance with bondholders after a judge ruled them in a lawsuit filed against JPMorgan Chase. The suit claimed JP Morgan breached a credit agreement and sought a declaratory judgment that it could go ahead with the refinance. The refinance would have allowed Cumulus to retire $610 million in debt while taking out $305 million in revolver loans, giving Cumulus another two years of runway to work with for its turnaround.