Tag: existing funded indebtedness

Cumulus Media Inc announces today (10/16) that is has successfully completed its financial restructuring and emerged from the Chapter 11 reorganization process, following receipt of all required approvals, including from the Federal Communications Commission. Cumulus canceled 100% of its existing funded indebtedness – approximately $600 million – in exchange for 100% of the Company’s reorganized equity and $50 million of new convertible notes issued to former lenders. Cumulus is now a privately owned company with a new board of directors but retains its existing management team. Cumulus president and CEO Mary Berner states, “I am grateful to our lenders and noteholders for their collaboration throughout this process, and to our employees, vendors, affiliates, customers, and partners for their continued trust and support. Emerging with a significantly stronger balance sheet, we are more committed than ever to providing engaging content across our national footprint, serving as a lifeline and voice for the local communities we serve, driving meaningful growth for our advertising partners, and delivering value for our new shareholders.”