Audacy Begins Bankruptcy Proceedings, Hearing Expected in February
Audacy entered Chapter 11 bankruptcy proceedings and will undergo restructuring, the radio broadcaster announced in a news release Sunday. The restructuring will reduce Audacy’s funded debt from approximately $1.9 billion to around $350 million, it said. Audacy said it doesn’t…
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expect operational impact from the restructuring, and debt holders will receive equity in the reorganized company. “The perfect storm of sustained macroeconomic challenges over the past four years facing the traditional advertising market has led to a sharp reduction of several billion dollars in cumulative radio ad spending,” Audacy CEO David Field said in the release. “These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring.” Audacy’s Chapter 11 proceedings will be held in the U.S. Bankruptcy Court for the Southern District of Texas (docket No. 24-90004), and the company now has a restructuring website. Audacy expects the court to hold a hearing on the bankruptcy plan in February and the company to emerge from bankruptcy after receiving FCC regulatory approval, the release said.