Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AUDACY, INC. faced acceleration on credit facility.
- Instrument
- credit facility
- Event
- acceleration
Exact text from the filing
The commencement of the Chapter 11 Cases described in Item 1.03 of this current report on Form 8-K constitutes an event of default that accelerated the Debtors’ respective obligations under the following debt instruments
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
AUDACY, INC. faced acceleration on senior notes.
- Instrument
- senior notes
- Event
- acceleration
Exact text from the filing
The commencement of the Chapter 11 Cases described in Item 1.03 of this current report on Form 8-K constitutes an event of default that accelerated the Debtors’ respective obligations under the following debt instruments
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Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
AUDACY, INC. entered chapter 11 in U.S. Bankruptcy Court (petition 2024-01-07).
- Proceeding
- chapter 11
- Court
- U.S. Bankruptcy Court
- Petition
- 2024-01-07
Exact text from the filing
On January 7, 2024, the Debtors filed voluntary petitions for relief (the “ Bankruptcy Petitions ”) under Chapter 11 in the Bankruptcy Court. The Debtors are seeking Bankruptcy Court authorization to jointly administer the Chapter 11 Cases under the caption “In re: Audacy, Inc., et al.” Case No. 24-90004 (CML).
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
AUDACY, INC. entered into Restructuring Support Agreement with Consenting First Lien Lenders and Consenting Second Lien Noteholders valued at conversion of approximately $1.6 billion of funded debt into equity (effective 2024-01-04).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Consenting First Lien Lenders and Consenting Second Lien Noteholders
- Value
- conversion of approximately $1.6 billion of funded debt into equity
- Effective
- 2024-01-04
Exact text from the filing
On January 4, 2024, the Debtors entered into a Restructuring Support Agreement (the “ Restructuring Support Agreement ”) with: • Consenting First Lien Lenders holding approximately 82.2% of the outstanding First Lien Loans under the Credit Agreement, dated as of October 17, 2016 (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time, the “ Credit Agreement ”); and • Consenting Second Lien Noteholders holding approximately 73.6% of the outstanding principal amount of the 2027 Notes and the 2029 Notes.
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