Cumulus Media announced just after 5pm Tuesday that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the company’s Plan of Reorganization.
Cumulus says its expects to emerge from Chapter 11 before the end of the quarter, after the conditions to the plan are satisfied.
In a short statement, Cumulus President/CEO Mary Berner 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.”
Berner added that “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, Cumulus’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.
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.
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.