From Investing.com:

Audacy, Inc. has initiated a prepackaged Chapter 11 restructuring process to reduce its total debt from $1.9 billion to about $350 million. The company aims to equitize around $1.6 billion of funded debt and seek court approval for its proposed Plan of Reorganization.

David J. Field, Chairman, President, and CEO, cited macroeconomic challenges and a significant decline in radio ad spending as factors necessitating the balance sheet restructuring. Despite these challenges, he expressed confidence in the company’s long-term growth prospects.

Audacy operates a radio broadcasting group, a large podcast studio, a direct-to-consumer streaming platform, and various audio networks. It is also a major event producer and a provider of digital marketing solutions.

The company has obtained commitments for $57 million in debtor-in-possession financing to support operations during the Chapter 11 process. Audacy’s common stock will continue to trade over-the-counter under the symbol “AUDA” throughout the Chapter 11 process, although the shares are expected to be canceled without distribution as part of the restructuring.



Read more: Audacy cuts debt by 80% in prepackaged bankruptcy plan By Investing.com