Earlier this week (8/14), TALKERS reported the United States Bankruptcy Court for the Southern District of Texas Houston Division approved Audacy’s prepackaged plan for reorganization under Chapter 11 on February 20 (2024). The company was awaiting the FCC’s blessing on the plan to complete reorganization and its Debtor-in-Possession credit facility in the aggregate principal amount of $32 million, maturing next Monday (8/19). Audacy asked the Court to extend the maturation date to September 30, 2024. After a 1:00 pm (CT) hearing yesterday (8/15), U.S. Bankruptcy Judge Christopher Lopez – as expected – approved an emergency motion allowing Audacy to extend its pause on certain financial obligations beyond the original deadline. Audacy stated in its second quarter 2024 financial report that it expects to receive FCC approval in the third quarter of this year.
