Cumulus says bankruptcy exit now likely in late summer or fall

Cumulus Media raced quickly through the Chapter 11 process this spring, securing court approval for its restricting just six weeks after the company entered bankruptcy. But wrapping up the process will take longer.

In a letter filed with federal court in New York as part of company’s ongoing ratings dispute with Nielsen, lawyers for Cumulus say they are still awaiting approval by the Federal Communications Commission of their plan. Several other conditions will also need to be met first. As a result, they tell the court that consummation of the Chapter 11 plan isn’t expected until “late summer or early fall” adding, “Cumulus expects that it will likely exit bankruptcy shortly thereafter.”

Click here to read more.