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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