Cumulus Completes Chapter 11 Reorganization

Cumulus Media Inc. today announced that it has successfully completed its financial restructuring and emerged from the Chapter 11 reorganization process, following receipt of all required approvals, including from the Federal Communications Commission.

The restructuring was completed on an accelerated timeline consistent with the Company's original expectations, and Cumulus continued to operate in the ordinary course throughout the process, with no disruption to operations, audiences, or advertisers.

 

Mary Berner

Mary G. Berner, President and Chief Executive Officer of Cumulus Media said, "I am grateful to our lenders and noteholders for their collaboration throughout this process, and to our employees, vendors, affiliates, customers, and partners for their continued trust and support. Emerging with a significantly stronger balance sheet, we are more committed than ever to providing engaging content across our national footprint, serving as a lifeline and voice for the local communities we serve, driving meaningful growth for our advertising partners, and delivering value for our new shareholders."

 
Upon completing its restructuring and emerging from Chapter 11 as a privately owned company, Cumulus has appointed a new Board of Directors and will remain under the leadership of its existing management team.

As previously announced, Cumulus and certain of its subsidiaries commenced a prepackaged Chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas on March 4, 2026, pursuant to a comprehensive restructuring support agreement with a group of its lenders. Under the terms of the Company's confirmed plan of reorganization, Cumulus has canceled 100% of its existing funded indebtedness — approximately $600 million — in exchange for 100% of the Company's reorganized equity and $50 million of new convertible notes issued to former lenders. The Company also amended and restated its asset-based revolving credit facility to provide continued liquidity going forward.