Bankruptcy Court Approves Cumulus’ Plan of Reorganization
The next step for Cumulus Media in its Chapter 11 reorganization is the Federal Communications Commission after the United States Bankruptcy Court for the Southern District of Texas yesterday (4/15) approved its
previously disclosed Plan of Reorganization. Cumulus Media president and CEO Mary G. Berner says, “When we initiated this prepackaged restructuring in March, we did so with a clear objective: to right-size our balance sheet to support long-term success. The court’s prompt approval of our plan keeps us firmly on track to eliminate approximately $600 million in debt and positions us to emerge with a significantly stronger financial foundation. We look forward to completing the restructuring and emerging as a well-capitalized company, better equipped to compete in the evolving audio landscape.”