secwatch.observer — SEC 8-K summary
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Issuer:     CUMULUS MEDIA INC (CMLS)
CIK:        0001058623
Form:       8-K
Filed at:   2026-03-05T23:59:59+00:00
Accession:  0001104659-26-023855
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.04, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cumulus Media files prepackaged Ch.11; $592M debt equitized; equity cancelled for no recovery
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1058623/000110465926023855/0001104659-26-023855-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1058623/000110465926023855/tm267873d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-023855

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer