secwatch.observer — SEC 8-K summary
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Issuer:     CUMULUS MEDIA INC (CMLS)
CIK:        0001058623
Form:       8-K
Filed at:   2026-10-16T13:47:38+00:00
Accession:  0001104659-26-116470
Event type: other_material
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 1.02, 1.03, 2.03, 3.02, 5.03, 3.03, 5.01, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Cumulus Media emerges from Chapter 11; old equity canceled; $100M ABL and $50M convertible notes issued
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- On Oct 16, 2026, the Plan became effective and Cumulus Media and its debtor affiliates emerged from Chapter 11 (Case No. 26-90346 (ARP)), confirmed April 15, 2026.
- Old Class A and Class B common stock canceled; new Class A and Class B issued at $0.01 par, with 352,025 New Class A and 285,975 New Class B shares outstanding.
- Allowed 2029 Secured Claims received ~95% of New Common Stock; Other Funded Debt Claims received ~5%, subject to dilution by Management Incentive Plan and Convertible Notes.
- ABL Credit Agreement: $100.0M four-year revolver with Fifth Third as agent, matures Oct 16, 2030, SOFR+1.50-2.00% or base+0.50-1.00%; 1.0x fixed charge coverage covenant.
- Convertible Notes: $50M 10%/8% Senior Secured PIK Toggle Notes due 2031, issued to 2029 Secured Claims, second-lien, convertible into New Class B; interest 8% cash or 10% PIK.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1058623/000110465926116470/0001104659-26-116470-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1058623/000110465926116470/tm2625433d5_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-116470

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