Moody’s Withdraws Cumulus Ratings

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Updated at 1:37pm, Dec. 5, 2017


With Nov. 29’s Closing Bell on Wall Street, shares in Cumulus Media finished at 9 cents, sliding 42% from the previous day.

Then came word that a Chapter 11 restructuring plan was the path Cumulus planned to take, with court approval, to erase some $1 billion in debt. This plan would see the company’s publicly traded shares reduced to zero —¬†despite trading that continues under the “CMLSQ” ticker symbol.

While shareholders could lose out,¬†Moody’s Investors Service¬†downgraded Cumulus’ probability of default rating ahead of withdrawing the ratings on account of the bankruptcy filing.

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