Some of the country’s greatest radio firms, which operates a number of FM and AM stations in Boston, has filed for chapter.Philadelphia-based Audacy initiated Bankruptcy 11 chapter court cases in U.S. Chapter Courtroom for the Southern District of Texas, the corporate introduced Sunday. The submitting got here in conjunction with a prepackaged restructuring settlement that was once reached closing week, in step with paperwork filed with the Securities and Alternate Fee. In a remark, Audacy mentioned the settlement would permit the corporate to scale back its debt from roughly $1.9 billion to roughly $350 million. The corporate expects a listening to in February to hunt courtroom approval of the plan. “The Corporate does no longer be expecting any operational affect from the restructuring, and business and different unsecured collectors may not be impaired,” the remark mentioned. Audacy’s checklist of Boston-area stations comprises:WEEI 93.7 FMBig 103Magic 106.7Mix 104.1Channel Q”The restructuring will allow Audacy to proceed its virtual transformation and capitalize on its place as a scaled, main multi-platform audio content material and leisure corporate differentiated by means of its unique, top rate audio content material,” the corporate remark mentioned. Audacy was once de-listed from the New York Inventory Alternate in November, following a months-long procedure.
BOSTON — Some of the country’s greatest radio firms, which operates a number of FM and AM stations in Boston, has filed for chapter.Philadelphia-based Audacy initiated Bankruptcy 11 chapter court cases in U.S. Chapter Courtroom for the Southern District of Texas, the corporate introduced Sunday. The submitting got here in conjunction with a prepackaged restructuring settlement that was once reached closing week, in step with paperwork filed with the Securities and Alternate Fee.
In a remark, Audacy mentioned the settlement would permit the corporate to scale back its debt from roughly $1.9 billion to roughly $350 million. The corporate expects a listening to in February to hunt courtroom approval of the plan. “The Corporate does no longer be expecting any operational affect from the restructuring, and business and different unsecured collectors may not be impaired,” the remark mentioned. Audacy’s checklist of Boston-area stations comprises:WEEI 93.7 FMBig 103Magic 106.7Mix 104.1Channel Q
“The restructuring will allow Audacy to proceed its virtual transformation and capitalize on its place as a scaled, main multi-platform audio content material and leisure corporate differentiated by means of its unique, top rate audio content material,” the corporate remark mentioned. Audacy was once de-listed from the New York Inventory Alternate in November, following a months-long procedure.
