secwatch.observer — SEC 8-K summary
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Issuer:     AUDACY, INC. (—)
CIK:        0001067837
Form:       8-K
Filed at:   2024-02-21T23:59:59+00:00
Accession:  0001193125-24-041592
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 1.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Audacy bankruptcy court confirms prepackaged plan to equitize $1.6B debt, cancel equity
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1067837/000119312524041592/0001193125-24-041592-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1067837/000119312524041592/d783622d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-041592

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