Court Approves Cumulus Restructuring; To Exit Chapter 11 By End Of Quarter
The United States Bankruptcy Court for the Southern District of New York has approved Cumulus Media’s restructuring plan paving the way for the company to exit Chapter 11 bankruptcy by the end of the current quarter.
Upon satisfying the conditions of the plan, Cumulus will have shed over $1 billion in debt from its balance sheet. Cumulus originally filed for Chapter 11 Bankruptcy Protection on November 29, 2017.
Cumulus Media Inc. (PINK: CMLSQ) (the “Company,” “we,” “us,” or “our”) today announced that the United States Bankruptcy Court for the Southern District of New York (“the Court”) has confirmed the Company’s Plan of Reorganization (the “Plan”). The Company expects to emerge from Chapter 11 before the end of the quarter, after the conditions to the Plan are satisfied.
Mary Berner, President and Chief Executive Officer of Cumulus Media Inc., 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.”
Ms. Berner continued, “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.”
Upon completion of the restructuring process, the Company’s debt will have been reduced by more than $1 billion, and Cumulus will have greater financial flexibility with which to support its ongoing business transformation.
Additional information is available at www.cumulus.com/restructuring or by calling Cumulus’s Restructuring Hotline, toll-free in the U.S. at 1-844-429-1668. (For calls originating outside of the U.S., please dial 1-503-597-5529.) In addition, court filings and other documents related to the court-supervised proceedings are available on a separate website administered by Cumulus’s claims agent, Epiq, at http://dm.epiq11.com/cumulus.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel; PJT Partners, Inc. is acting as financial advisor; and Alvarez & Marsal is serving as restructuring advisor to Cumulus.