The Atlanta-based company, which is burdened with $2.4 billion in debt, owns and operates 446 radio stations broadcasting in 90 U.S. media markets.
Cumulus said it has entered a restructuring agreement with lenders to reduce the company’s debt by more than $1 billion. The company filed for Chapter 11 in the United States Bankruptcy Court for the Southern District of New York.
Atlanta Business Chronicle reported Nov. 13 that Cumulus had prepared a so-called "prepackaged" bankruptcy as it negotiated with its lenders. Earlier in November Cumulus defaulted on a nearly $24 million debt payment.
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Cumulus said Wednesday it expects all operations, programming and sales to continue as normal throughout the restructuring. The company said it has ample cash combined with funds generated from ongoing operations to support its business.
Cumulus Media owns and operates 446 radio stations in 90 U.S. media markets, including such venerable outlets as news/talk KABC and classic rock mainstay KLOS in Los Angeles, Triple A giant KFOG and rock station KSAN in San Francisco, along with talker WABC and Hot AC WPLJ in New York.
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