Deals
Broadcaster Audacy Files for Bankruptcy After Deal to Slash Debt
- Pact with creditors would reduce total debt load by 80%
- Radio company files for Chapter 11 protection in Texas
This article is for subscribers only.
Audacy Inc., the radio and podcast company that counts New York’s 1010 WINS among its stations, filed for Chapter 11 bankruptcy protection in Texas after reaching a pact with creditors that would hand them ownership in exchange for slashing $1.6 billion of debt.
The Philadelphia-based broadcaster said in a statement that its publicly traded shares would be wiped out in the deal, which if approved by a judge in Houston, would reduce its outstanding bonds and loans to about $350 million from $1.9 billion.