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

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Source: SEC EDGAR

accession 0001104659-26-023855

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