Audacy (AUDAQ) has released an update.
On February 20, 2024, a Bankruptcy Court approved a reorganization plan for a debt-laden company, setting the stage for a financial reset pending Federal Communications Commission approval. The plan details how various claims and interests, including DIP Claims, First and Second Lien Claims, and General Unsecured Claims, will be settled, primarily through cash payouts or equity distributions. Existing Parent Equity Interests will be canceled, with new securities issued to claim holders. The reorganized entity plans to operate with a new board and will not seek public listing or reporting obligations unless legally mandated. This restructuring is pivotal for the company’s future, although it is subject to risks and uncertainties typical of such financial reorganizations.
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