{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-24-003834","form_type":"8-K","ticker":null,"cik":"0001067837","company_name":"AUDACY, INC.","filed_at":"2024-01-08T23:59:59+00:00","discovered_at":"2026-05-14T18:03:23.277007+00:00","generated_at":"2026-06-07T01:56:42.331687+00:00","sec_items":["1.01","1.03","2.04","5.02","8.01","7.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.95,"calibrated_materiality_score":0.95,"confidence":"high","headline":"Audacy files prepackaged Chapter 11; plans to convert $1.6B debt to equity, wiping out existing equity","bullets":["Prepackaged Chapter 11 filed Jan 7; RSA with 82.2% of first-lien and 73.6% of second-lien holders.","Approximately $1.6B of funded debt converted to equity; funded debt reduced from ~$1.9B to ~$350M.","Existing equity interests cancelled with no distribution; stock continues trading over-the-counter under AUDA.","DIP facility of $32M approved; receivables facility increased from $75M to $100M.","CEO David Field to remain on new board; NEO retention awards approved totaling $1.325M."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-24-003834","json":"https://secwatch.observer/filing/0001193125-24-003834.json","markdown":"https://secwatch.observer/filing/0001193125-24-003834.md","text":"https://secwatch.observer/filing/0001193125-24-003834.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/d676036d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T01:56:42.331687+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0aa5d661ccbf9cf41935842a197a18c305bfe469","claim":"AUDACY, INC. faced acceleration on credit facility.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"bc5f4cdde9cda32dd7e20184bf6f1e9a3f39024e","claim":"AUDACY, INC. faced acceleration on senior notes.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Event","value":"acceleration"}],"fact_type":"debt_financing"},{"claim_id":"594a6dddbdbf1f62cb98609080ac5c4837d394e1","claim":"AUDACY, INC. entered chapter 11 in U.S. Bankruptcy Court (petition 2024-01-07).","evidence_excerpt":"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).","evidence_source":"SEC 8-K Item 1.03","evidence_url":"https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm","confidence":0.9,"family_label":"Distress & Bankruptcy","details":[{"label":"Proceeding","value":"chapter 11"},{"label":"Court","value":"U.S. Bankruptcy Court"},{"label":"Petition","value":"2024-01-07"}],"fact_type":"distress_event"},{"claim_id":"f2e44b30ff73e61131274fe026a298e1909c127e","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Consenting First Lien Lenders and Consenting Second Lien Noteholders"},{"label":"Value","value":"conversion of approximately $1.6 billion of funded debt into equity"},{"label":"Effective","value":"2024-01-04"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}