CUMULUS MEDIA INC (CMLS): going-concern / distress — Cumulus Media files prepackaged Ch.11; $592M debt equitized; equity cancelled for no recovery

CUMULUS MEDIA INC

Prepackaged Chapter 11 filed March 4; Plan equitizes ~$592M debt, cutting annual cash interest ~$49M.
Existing Class A and Class B common stock cancelled for no recovery; holders receive nothing.
Consenting 2029 note/lenders to receive $50M Exit Notes + 95% of new common stock.
Two directors (Castro, Kushner) resigned; Elizabeth Abrams and David Tolley appointed per RSA.
Company continues operations as debtor-in-possession; ABL lenders get new ABL loans.

item 1.01 item 1.03 item 2.04 item 5.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

CUMULUS MEDIA INC entered chapter 11 (petition 2026-03-04).

Proceeding: chapter 11
Petition: 2026-03-04

Exact text from the filing

On March 4, 2026 (i.e., the Petition Date), the Company Parties filed voluntary petitions to commence the Chapter 11 Cases in the Bankruptcy Court to implement the Plan effectuating the Restructuring

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CUMULUS MEDIA INC entered into Restructuring Support Agreement with Consenting 2029 Holders (Consenting 2029 Term Loan Lenders and Consenting 2029 Noteholders) valued at Entry into Restructuring Support Agreement with Consenting 2029 Holders to support the Plan and Rest (effective 2026-03-04).

Action: entry
Agreement: notes offering
Counterparty: Consenting 2029 Holders (Consenting 2029 Term Loan Lenders and Consenting 2029 Noteholders)
Value: Entry into Restructuring Support Agreement with Consenting 2029 Holders to support the Plan and Rest
Effective: 2026-03-04

Exact text from the filing

Item 1.01 Entry into a Material Definitive Agreement. Restructuring Support Agreement and ABL Commitment Letter In furtherance of the contemplated Restructuring, on March 4, 2026, prior to launching the Solicitation (as defined below) and prior to commencing the Chapter 11 Cases, the Company Parties entered into a (i) restructuring support agreement (together with all schedules, annexes, and exhibits attached thereto, the “Restructuring Support Agreement”) with an ad hoc group of (a) certain lenders (the “Consenting 2029 Term Loan Lenders”) of the Company’s outstanding term loans under that certain Credit Agreement, dated as of May 2, 2024 (the “2029 Credit Agreement”) and (b) certain holders (the “Consenting 2029 Noteholders” and, together with Consenting 2029 Term Loan Lenders, the “Consenting 2029 Holders”) of the Company’s 8.00% senior secured first-lien notes due 2029 issued under that certain Indenture, dated as of May 2, 2024 (the “2029 Indenture”) and (ii) that certain commitme

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CUMULUS MEDIA INC entered into ABL Commitment Letter with Fifth Third Bank and ABL Parties valued at Entry into ABL Commitment Letter with Fifth Third Bank as administrative agent and lenders party to (effective 2026-03-04).

Action: entry
Agreement: notes offering
Counterparty: Fifth Third Bank and ABL Parties
Value: Entry into ABL Commitment Letter with Fifth Third Bank as administrative agent and lenders party to
Effective: 2026-03-04

Exact text from the filing

Item 1.01 Entry into a Material Definitive Agreement. Restructuring Support Agreement and ABL Commitment Letter In furtherance of the contemplated Restructuring, on March 4, 2026, prior to launching the Solicitation (as defined below) and prior to commencing the Chapter 11 Cases, the Company Parties entered into a (i) restructuring support agreement (together with all schedules, annexes, and exhibits attached thereto, the “Restructuring Support Agreement”) with an ad hoc group of (a) certain lenders (the “Consenting 2029 Term Loan Lenders”) of the Company’s outstanding term loans under that certain Credit Agreement, dated as of May 2, 2024 (the “2029 Credit Agreement”) and (b) certain holders (the “Consenting 2029 Noteholders” and, together with Consenting 2029 Term Loan Lenders, the “Consenting 2029 Holders”) of the Company’s 8.00% senior secured first-lien notes due 2029 issued under that certain Indenture, dated as of May 2, 2024 (the “2029 Indenture”) and (ii) that certain commitme

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CUMULUS MEDIA INC filing history →

Source: SEC EDGAR

accession 0001104659-26-023855

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