Cumulus has entered a Restructuring Support Agreement with some of its secured lenders, among others, that hold, in the aggregate, about 69 percent of its term loan; the agreement will reduce Cumulus' debt by more than $1 billion, the company said Wednesday afternoon. To implement the balance sheet restructuring, it has filed voluntary petitions for Chapter
11 reorganization in the U.S. Bankruptcy Court for the Southern District of New York.
Cumulus said it "expects all operations, programming, and sales to continue as normal throughout this restructuring process."
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