In SEC filings made on November 29, Audacy gets extensions on the grace periods before default on its Credit Facility to January 9, 2024 and on its Receivables Purchase Agreement for the October Audacy Party Payment to December 10 and the November Audacy Party Payment Due Date to December 11.
The filing comes as Audacy “continues to engage in discussions with its creditors with respect to a number of potential alternatives regarding a restructuring of the Company’s outstanding indebtedness.” It also announces in the filing that JPMorgan Chase Bank, N.A. has resigned as Letter of Credit Issuer and Swing Line Lender (both as defined in the Credit Facility) and that Wilmington Savings Fund Society, FSB was appointed as Administrative Agent and Collateral Agent under the Credit Facility.
