Radio Giant Audacy Gets Court Approval to Emerge From Bankruptcy
- Soros Fund Management slated to own largest stake in company
- Firm to slash $1.7 billion of debt through restructuring plan
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Radio and podcast company Audacy Inc. received court approval on Tuesday to emerge from bankruptcy and hand ownership to creditors including Soros Fund Management.
Audacy — the second-largest radio broadcaster in the US — will slash nearly $1.7 billion of debt from its balance sheet through its restructuring plan, according to court papers. Existing shareholders will be wiped out while high-ranking creditors, including the investment firm founded by billionaire George Soros, will be repaid with stock in the restructured company.