Cumulus Emerges From Chapter 11

Cumulus Emerges From Chapter 11

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(CelebrityAccess) Cumulus Media, radio’s third largest company by revenue ended six months of Chapter 11 bankruptcy protection.

The company announced Monday that it has a new board of directors, new lenders and newly issued shares of stock for its turnaround path, according to Inside Radio.

The ending of bankruptcy protection, which began Nov. 29, 2017, came a few weeks ahead of schedule and the court-approved restructuring has reduced Cumulus’ debt from $2.34 billion to $1.3 billion.

“We emerge today as a stronger and more competitive company, with the financial foundation that we need to move forward decisively with the initiatives that will produce the greatest benefits for the company,” CEO Mary Berner said in a statement.

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