---
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"
generated_at: "2026-06-07T01:56:42.331687+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Audacy files prepackaged Chapter 11; plans to convert $1.6B debt to equity, wiping out existing equity

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-003834
- form_type: 8-K
- cik: 0001067837
- company_name: AUDACY, INC.
- filed_at: 2024-01-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 1.03, 2.04, 5.02, 8.01, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-003834
- JSON: https://secwatch.observer/filing/0001193125-24-003834.json
- Plain text: https://secwatch.observer/filing/0001193125-24-003834.txt

## Key facts
- Debt Financings
  AUDACY, INC. faced acceleration on credit facility.
  - Instrument: credit facility
  - Event: acceleration
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm
- Debt Financings
  AUDACY, INC. faced acceleration on senior notes.
  - Instrument: senior notes
  - Event: acceleration
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm
- Distress & Bankruptcy
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.