Cumulus Expects to Be Out of Chapter 11 by End of Quarter
The U.S. Bankruptcy Court for the Southern District of New York confirmed Cumulus Media’s reorganization plan, Cumulus said in a news release Wednesday. Cumulus “expects to emerge from Chapter 11 before the end of the quarter,” the release said. “Upon…
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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,” the release said. The restructuring of Cumulus is expected to benefit the entire radio industry, analysts said. (see 1711300059).