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.
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