secwatch.observer — SEC 8-K summary
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Issuer:     AUDACY, INC. (—)
CIK:        0001067837
Form:       8-K
Filed at:   2024-01-08T23:59:59+00:00
Accession:  0001193125-24-003834
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.01, 1.03, 2.04, 5.02, 8.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/0001193125-24-003834-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1067837/000119312524003834/d676036d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-003834

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer