Radio Giant Cumulus Files for Bankruptcy
December 11, 2017
Atlanta-based radio giant Cumulus Media has filed to reorganize in Chapter 11 bankruptcy, with $2.4 billion in debt. It has reached an agreement with 69% of its term loan holders.
Cumulus’ pre-packaged restructuring agreement with lenders will reduce the company’s debt by more than $1 billion. The filing took place at United States Bankruptcy Court for the Southern District of New York.
Read more at: http://variety.com/2017/music/news/radio-cumulus-media-files-bankruptcy-chapter-11-1202626609/
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