Corporate bankruptcies
Cumulus Media files for Chapter 11 bankruptcy reorganization and enters into a restructuring agreement with some of its lenders to reduce more than $1 billion of the debt accrued by the Atlanta-based radio broadcasting group since its 2011 purchase of Citadel Broadcasting, towards the end of a 30-day period for the company to secure a financing plan after defaulting on a $23.6-million debt payment on November 1. In a statement, Cumulus representatives said that the company expects all operations, programming and sales for its 459 radio stations across the U.S. to continue as normal during the restructuring process.
Sources: Atlanta Journal-Constitution Reuters