CUMULUS MEDIA INC (CMLS): going-concern / distress — Cumulus Media's Chapter 11 plan confirmed; eliminates ~$600M debt, existing equity cancelled

CUMULUS MEDIA INC

Bankruptcy Court confirmed Plan of Reorganization on April 15, 2026; FCC approval required before emergence.
Plan eliminates approximately $600 million in debt; existing common stock cancelled with no distribution.
New common stock to be issued but not listed on any exchange; company to deregister and suspend SEC reporting.
CEO Mary Berner (base salary reduced to $1.25M) and CFO Frank Lopez-Balboa ($700K) signed amended employment agreements.
10% of new common stock reserved for Management Incentive Plan (MIP Pool) for employees and directors.

item 1.03 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 in United States Bankruptcy Court for the Southern District of Texas (petition 2026-03-04).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2026-03-04

Exact text from the filing

on March 4, 2026, Cumulus Media Inc. (the “Company”) and certain of its direct and indirect subsidiaries (collectively with the Company, the “Company Parties”) commenced filing voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”).

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CUMULUS MEDIA INC filing history →

Source: SEC EDGAR

accession 0001104659-26-044909

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