AUDACY, INC.: going-concern / distress — Audacy bankruptcy court confirms prepackaged plan to equitize $1.6B debt, cancel equity

AUDACY, INC.

Plan will equitize approximately $1.6B of funded debt, reducing total debt from ~$1.9B to ~$350M (80% reduction).
Existing Class A and Class B common stock (4,862,027 and 134,839 shares) cancelled with no distribution.
New common stock issued to DIP, first lien, and second lien holders; no public listing or SEC reporting planned.
Effective date subject to FCC approval; post-emergence board includes David Field and six creditor-nominated members.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.99

AUDACY, INC. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2024-01-07).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2024-01-07

Exact text from the filing

On January 7, 2024 (the “ Petition Date ”), the Debtors filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code and commenced their chapter 11 cases (the “ Chapter 11 Cases ”) in this United States Bankruptcy Court for the Southern District of Texas (this “ Court ”)

View on SEC.gov

Browse all distress & bankruptcy →

Source: SEC EDGAR

accession 0001193125-24-041592

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.