Audacy has reached the final stage of its Chapter 11 bankruptcy process, filing a motion with the US Bankruptcy Court for the Southern District of Texas to officially close its last remaining case, involving Audacy Texas, LLC, which was kept open to address final administrative issues.
This request comes after all required steps in the restructuring plan were completed, including approval of all fee applications and resolution of any outstanding matters.
The company filed for Chapter 11 bankruptcy in January. In February, the court approved Audacy’s reorganization plan, which was substantially completed by September. Following this, the court issued a final decree in October for all but Audacy Texas, LLC.
Audacy’s motion argues that the case has been fully administered under federal bankruptcy law. The reorganization plan has been implemented, property transfers completed, and all administrative claims paid or addressed. The company also cites business reasons for closing the case, such as eliminating the need to pay additional US Trustee fees and reducing reporting requirements, allowing the company to focus on regular business operations.
In the filing, Audacy assured that closing the case will not affect the substantive rights of any party, as all matters have been resolved. The court is expected to review the motion and issue its final decree, marking the conclusion of Audacy’s bankruptcy process.
The broadcaster has provided notice of the motion to all relevant stakeholders, including regulatory bodies, creditors, and legal representatives.
Audacy’s year-long path out of bankruptcy may still face new hurdles in 2025 as incoming FCC Chairman Brendan Carr considers revisiting the decision that allowed the company to proceed with its restructuring. The FCC, in a 3-2 vote, temporarily waived ownership limits under the Communications Act, enabling Audacy to emerge from Chapter 11 bankruptcy despite Laurel Tree Opportunities Corporation, a George-Soros-backed entity, acquiring over 40% of its senior debt – exceeding the 25% ownership benchmark.
The ownership structure could face further complications as Audacy seeks FCC approval to raise its foreign ownership cap, with a new petition acknowledging that foreign ownership could exceed the 25% threshold after certain transactions.
Nope, you’re wrong again. The FCC granted a continuation of the waiver.
Read my first post on this subject. The article said the FCC “temporarily waived ownership limits.” I said that’s not true. If you’re saying they granted a continuance, that’s different from what was said in the article. You seem to be bringing up something completely different from what’s in the article.
Nope you’re wrong and the article is right. It’s temporary until the FCC figures out what do with expanded band AMs that operate simultaneously with the original station which is happening with Audacy in Kansas City. You would know this if you had a clue about radio.
Here’s what the article says in context:
“The FCC, in a 3-2 vote, temporarily waived ownership limits under the Communications Act, enabling Audacy to emerge from Chapter 11 bankruptcy despite Laurel Tree Opportunities Corporation, a George-Soros-backed entity, acquiring over 40% of its senior debt – exceeding the 25% ownership benchmark.”
Nowhere in there does it mention Kansas City. You’re bringing up something that isn’t in the article.
“The FCC, in a 3-2 vote, temporarily waived ownership limits…”
That isn’t true. There were no temporary waivers granted.
Nope you’re wrong
Show me the waiver in the application. You can’t.
Show what station Audacy sold in Kansas City to comply with ownership limits, you can’t. They have 9 the limit is 8.
For how much you post here you know very little about radio.
That’s an existing waiver, not related to the bankruptcy.
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