by Radio Ink
September 30, 2024
The FCC has approved a reorganized Audacy, enabling the company to emerge from Chapter 11 bankruptcy protection. The decision, adopted on September 18, was released on September 30 and allows Audacy to proceed with its Joint Prepackaged Plan of Reorganization to restructure approximately $1.6 billion of existing debt.
As expected, the vote followed party lines, with Democratic Commissioners voting 3-2 in favor of the restructure. Audacy’s restructuring was cleared by the US Bankruptcy Court for the Southern District of Texas in February.
Under the reorganization plan, Audacy will issue new common stock—including Class A and Class B shares—and Special Warrants to former debt holders. Laurel Tree Opportunities Corporation is expected to hold a controlling interest, owning 57% or more of the Class A New Common Stock.
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