Mergers & Acquisitions ·
Cumulus Media emerges from Chapter 11 bankruptcy, cancels $600M debt and issues $50M convertible notes
CMLSCumulus Media Inc
Cumulus Media successfully completed its financial restructuring and emerged from Chapter 11 reorganization on October 16, 2026. The company canceled approximately $600 million of existing funded indebtedness in exchange for 100% of the reorganized equity and issued $50 million in aggregate principal amount of 10%/8% Senior Secured PIK Toggle Notes due 2031 to holders of Allowed 2029 Secured Claims. Existing Class A and B common stock was canceled without distribution, and new shares were issued to debt holders, with approximately 95% going to 2029 Secured Claim holders and 5% to Other Funded Debt Claim holders. The company entered into a new $100 million asset-based revolving credit facility and appointed a new board of directors including Heath B. Freeman and Philip A. Hudson from Alden Global Capital. Cumulus intends to deregister its securities with the SEC and operate as a private company. Cumulus Media is an audio-first media company delivering premium content through 377 owned-and-operated radio stations, national syndication via Westwood One, and podcasting.