(RTTNews) - Audacy Inc., a multi-platform audio content and entertainment company, said it commenced prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas on January 7, 2024.
In conjunction with the Chapter 11 petitions, Audacy has filed a proposed Plan of Reorganization that incorporates the terms of the restructuring support agreement and is subject to approval by the Court.
Under the terms of the restructuring support agreement, a supermajority of debtholders committed to vote in favor of the agreement, which, when approved, will reduce Audacy's funded debt from about $1.9 billion to about $350 million. Audacy's debtholders will receive equity in reorganized Audacy.
Audacy noted that its common stock will continue to trade over-the-counter under the symbol "AUDA" through the pendency of the Chapter 11 process.
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