Cumulus Media hopes that the FCC will approve its Chapter 11 reorganization in late summer or early fall. It made that estimate in a legal filing in its separate ongoing dispute with Nielsen.
The company filed a “prepackaged” restructuring in April, and the bankruptcy court quickly signed off on it. Cumulus is seeking to eliminate $600 million in debt with this process. It said this would eliminate substantially all of its remaining debt and significantly strengthen its financial position.
But the FCC must agree too.
“Presently, the debtors anticipate receiving FCC approval and satisfying the other conditions precedent to consummation of their Chapter 11 plan in late summer or early fall,” the company told the judge handling the Cumulus/Nielsen dispute in the federal Southern District of New York.
Cumulus expects that it will exit bankruptcy shortly after FCC approval and other remaining conditions.
In 2018 the company completed a previous Chapter 11 reorganization to alleviate $1 billion in debt.
