Cumulus Media nearing bankruptcy exit after creditor vote

Cumulus Media’s creditors have voted to approve the broadcaster’s prepackaged Chapter 11 reorganization plan, clearing the path toward a bankruptcy exit that would eliminate $592 million in obligations if a Houston court confirms the plan at today’s hearing.

Filed Monday in the US Bankruptcy Court for the Southern District of Texas, Cumulus’s confirmation brief shows holders of 100% of ABL Facility Claims and 2029 Secured Claims that voted backed the plan, along with holders of 98.93% in principal amount of Other Funded Debt Claims. The company filed for Chapter 11 protection on March 4 after executing a restructuring support agreement with an ad hoc creditor group that, at signing, held roughly 72% of 2029 debt claims, a figure the filing says has since grown to approximately 82.7%.

Click here to read more.