Audacy Reveals Details of Bankruptcy Agreement With Lenders ...Middle East

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Audacy Reveals Details of Bankruptcy Agreement With Lenders
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Radio company Audacy has reached a deal with a supermajority of lenders for a prepackaged Chapter 11 bankruptcy deal that will reduce its debt from $1.9 billion to $350 million, the company announced Sunday (Jan. 7). The agreement, first disclosed last week by The Wall Street Journal, will give Audacy’s debt holders equity in the reorganized company.   Chapter 11 proceedings began on Sunday in the United States Bankruptcy Court for the Southern District of Texas. Audacy filed a proposed plan of reorganization that incorporates the terms of the agreement with lenders. The company expects the court to hold a confirmation

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