Cumulus Media has emerged from Chapter 11 bankruptcy, having eliminated roughly $550 million in debt, Inside Radio reports. The company began its prepackaged Chapter 11
reorganization in March. Cumulus canceled 100% of its indebtedness in return for 100% of the company’s equity, The deal also called for issuing $50 million in convertible notes to its former
lenders. Cumulus will provide “engaging content across our national footprint, serving as a lifeline and voice for the local communities we serve,” said CEO Mary
Berner. Read the whole story at Inside Radio »