Cumulus Media has completed its restructuring and has exited Chapter 11 bankruptcy protection.

Cumulus says that the restructuring was was completed on an accelerated timeline consistent with their original expectations with no disruption to operations, audiences, or advertisers. Under the terms of its reorganization, Cumulus has canceled 100% of its existing funded indebtedness — approximately $600 million — in exchange for 100% of the Company’s reorganized equity and $50 million of new convertible notes issued to former lenders. The Company also amended and restated its asset-based revolving credit facility to provide continued liquidity going forward.

A new Board of Directors has been appointed for the now privately-held Cumulus. Its existing management team led by President/CEO Mary Berner remains in place.

Berner said, “I am grateful to our lenders and noteholders for their collaboration throughout this process, and to our employees, vendors, affiliates, customers, and partners for their continued trust and support. Emerging with a significantly stronger balance sheet, we are more committed than ever to providing engaging content across our national footprint, serving as a lifeline and voice for the local communities we serve, driving meaningful growth for our advertising partners, and delivering value for our new shareholders.”