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Tuesday, June 5, 2018

CUMULUS EMERGES FROM CHAPTER 11

Cumulus Media reports that it has emerged from Chapter 11 bankruptcy protection. The broadcast giant says it has reduced its debt load by $1 billion (from $2.34b to $1.3b) and as a result "emerge[s] as a stronger and more competitive company," according to CEO Mary Berner.

The company filed for Chapter 11 protection in November of last year.

The restructuring eliminates all previous equity, though some former stakeholders will be issued shares of common stock according to a formula we don't even remotely understand.

Stay tuned for the next chapter.

 
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