On Thursday morning, Cumulus Media filed for a Chapter 11 bankruptcy, as the broadcaster entered into a prepackaged restructuring support agreement that will eliminate roughly $600 million in debt.
The company said operations will continue as usual for employees, advertisers and listeners during the process.
The filing, made in the US Bankruptcy Court for the Southern District of Texas, is designed to substantially reduce the broadcaster’s leverage and set a financial structure aimed at long-term stability and investment. Cumulus said the restructuring will not affect day-to-day station operations.
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