Cumulus Media has announced that the United States Bankruptcy Court for the Southern District of New York has confirmed the Company’s Plan of Reorganization. The Company expects to emerge from Chapter 11 before the end of the quarter, after the conditions to the Plan are satisfied.
CEO Mary Berner said, “The Court’s approval of our Plan allows us to complete the balance sheet restructuring that is critical to the success of our turnaround strategy. With a firmer financial foundation in place, we look forward to continuing to implement the business initiatives that have already taken this Company so far. The financial and operational progress we have already experienced are a testament to the tenacity and commitment of the entire Cumulus team. We also greatly appreciate the ongoing support of our advertisers, vendors and affiliates as we continue to provide high-quality programming to our millions of listeners across the country.”
Cumulus filed Chapter 11 in November of 2017. Upon completion of the restructuring process, the Company’s debt will have been reduced by more than $1 billion.
I have no love loss for Clueless Media,…they destroyed many peoples lives with their greed , they are NOT Radio people. I wish the court would have forced them to sell off everything.
It’s the rich who eat the prunes…and the poor who get the $#!+s!
So investors lose a billion dollars because the Dickey Brothers greed and egos. They let people go who were an asset and kept the boot licker’s who followed them like beat puppies. Shame on the court, they should have been liquidated so it would actually have a chance at serving the community.
I doubt any investor lost billions. The larger investors will get equity in exchange for debt. The dummies who gambled on a penny stock hardly lost anything. That’s why they play penny stocks. The Dickeys, who owned a lot of stock bought when it was selling for $13 a share, lost some paper money. Don’t cry for the investors. They’re professionals who know how the game is played.