As expected, Audacy has begun prepackaged chapter 11 proceedings in U.S. Bankruptcy Court for the Southern District of Texas to restructure its balance sheet and slash its total debt from $1.9 billion to $350 million. In a Sunday morning announcement, first reported by Inside Radio in a Breaking News Alert, radios second largest ownership group says it has reached an agreement with a supermajority of its debtholders on a deleveraging transaction that will erase over 80% of the companys debt, or roughly $1.6 billion, and establish a robust capital structure to drive long-term growth.
In its petition for bankruptcy, Audacy listed total assets of $2.79 billion and total debt of $2.66 billion.
In a debt-for-equity swap, Audacys debtholders …
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