Audacy, currently undergoing Chapter 11 bankruptcy proceedings, has requested a deadline extension pending FCC approval.
The court hearing, scheduled for today, will consider Audacy’s motion to move a key date from August 19 to the end of September.
The company’s attorneys emphasize their readiness to implement the court-confirmed reorganization plan, but they face impending maturities and milestone covenants.
Failure to obtain timely FCC approval could have significant consequences for Audacy’s restructuring efforts. The company aims to reduce approximately $1.6 billion of its prepetition debt obligations, exchange debt for equity, and leave general unsecured creditors unaffected.
However, Audacy’s expects FCC approval is complicated by foreign ownership restrictions, which the company has asked the commission to waive1. Additionally, political scrutiny surrounds investor George Soros’s potential role in the reorganized company.
The involvement of Soros Fund Management, which now holds a substantial stake, has drawn attention and raised questions about potential influence in U.S. media.
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