Audacy emerges from Chapter 11 with debt restructuring approved by court
Audacy yesterday announced the United States Bankruptcy Court for the Southern District of Texas has approved the Company's Plan of Reorganization.
Audacy yesterday announced the United States Bankruptcy Court for the Southern District of Texas has approved the Company's Plan of Reorganization.
This marks a significant milestone in Audacy's ongoing financial restructuring process, paving the way for its emergence from Chapter 11 bankruptcy.
Key Highlights of the Approved Plan:
- Debt Reduction: Audacy will equitize approximately $1.6 billion of funded debt, representing an 80% reduction from $1.9 billion to approximately $350 million.
- Unsecured Creditors Unaffected: Trade and other unsecured creditors will not be impaired under the plan.
- Strategic Growth: The restructuring will enable Audacy to continue its digital transformation and capitalize on its position as a leading multi-platform audio company with unique and premium content.
- Emergence Timeline: Audacy expects to emerge from Chapter 11 after receiving approval from the Federal Communications Commission.
Audacy is a major player in the audio landscape, reaching 200 million consumers across its various platforms. It operates one of the country's largest radio broadcasting groups, a growing direct-to-consumer streaming platform, numerous audio networks, and a leading podcast studio.
With the court's approval of the restructuring plan, Audacy appears well-positioned to emerge from Chapter 11 with a strengthened financial footing and renewed focus on strategic growth in the rapidly evolving audio market.
PPC Land is an international news publication headquartered in Frankfurt, Germany. PPC Land delivers daily articles brimming with the latest news for marketing professionals of all experience levels.
Subscribe to our newsletter for just $10/year and get marketing news delivered straight to your inbox. By subscribing, you are supporting PPC Land.
You can also follow PPC Land on LinkedIn, Bluesky, Reddit, Mastodon, X, Facebook, Threads, and Google News.
Know more about us or contact us via info@ppc.land
Our latest marketing news:
- Amazon launches Target Promotion for Sponsored Products advertisers
- Amazon Prime Video secures landmark NBA and WNBA broadcasting rights deal
- FTC Warns: Hashed data not anonymous, companies risk deceptive practice claims
- Taboola unveils AI-powered solution to boost publisher traffic amid digital shifts
- Meta tackles Nigerian financial Sextortion Scams in massive account purge
- FTC launches probe into surveillance pricing practices of eight companies
- Location-based advertising: revolutionizing digital marketing strategies
- Reddit's exclusive Search Deal with Google raises concerns over AI Data
- Netflix surges in Nielsen rankings, streaming dominates TV consumption
- Kargo and TikTok partner to enhance offline sales insights for advertisers