8-K
filed October 1, 2024, 7:59 PM ET
CIK 0001067837
other material
confidence high
sentiment positive
materiality 1.00
AUDACY, INC.: going-concern / distress — Audacy emerges from Chapter 11, equitizes $1.6B debt, and plans to go private
AUDACY, INC.
- Equitized approximately $1.6B of funded debt, reducing total debt from ~$1.9B to $350M (80% reduction).
- New exit credit facility of $250M (first-out $25M, second-out $225M) plus $100M receivables facility secured.
- Old equity cancelled; issued 8.28M Class A shares, 914k Class B shares, 2.12M second lien warrants, and 807k special warrants.
- New board of seven directors appointed, including CEO David J. Field; prior board resigned.
- Company plans to suspend SEC reporting and become a private company.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
AUDACY, INC. entered chapter 11.
- Proceeding
- chapter 11
Exact text from the filing
Item 1.03. Bankruptcy or Receivership. The information set forth in the Introductory Note and Items 1.01 and 1.02 of this Current Report on Form 8-K is incorporated herein by reference.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Mark R. LaNeve resigned as Director at AUDACY, INC..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors of the board of directors of Audacy (the “ Board ”), in their capacities as such, were deemed to have resigned or otherwise ceased to be directors of Audacy on the Effective Date (and any committees of the Board thereof) (collectively, the “ Director Resignations ”): (1) David J. Berkman, (2) Sean R. Creamer, (3) Joel Hollander, (4) Louise Kramer, (5) Mark R. LaNeve, (6) Roger Meltzer, (7) Susan K. Neely and (8) Joseph M. Field (Chairman Emeritus).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Christy Tanner was appointed as director at AUDACY, INC..
- Action
- appointed
Exact text from the filing
the following individuals were appointed directors of Audacy: (1) Michael Del Nin, (2) Brian Lakamp, (3) Laura Molen, (4) Christy Tanner, (5) Kelli Turner and (6) James Wilson.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Roger Meltzer resigned as Director at AUDACY, INC..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors of the board of directors of Audacy (the “ Board ”), in their capacities as such, were deemed to have resigned or otherwise ceased to be directors of Audacy on the Effective Date (and any committees of the Board thereof) (collectively, the “ Director Resignations ”): (1) David J. Berkman, (2) Sean R. Creamer, (3) Joel Hollander, (4) Louise Kramer, (5) Mark R. LaNeve, (6) Roger Meltzer, (7) Susan K. Neely and (8) Joseph M. Field (Chairman Emeritus).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Sean R. Creamer resigned as Director at AUDACY, INC..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors of the board of directors of Audacy (the “ Board ”), in their capacities as such, were deemed to have resigned or otherwise ceased to be directors of Audacy on the Effective Date (and any committees of the Board thereof) (collectively, the “ Director Resignations ”): (1) David J. Berkman, (2) Sean R. Creamer, (3) Joel Hollander, (4) Louise Kramer, (5) Mark R. LaNeve, (6) Roger Meltzer, (7) Susan K. Neely and (8) Joseph M. Field (Chairman Emeritus).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kelli Turner was appointed as director at AUDACY, INC..
- Action
- appointed
Exact text from the filing
the following individuals were appointed directors of Audacy: (1) Michael Del Nin, (2) Brian Lakamp, (3) Laura Molen, (4) Christy Tanner, (5) Kelli Turner and (6) James Wilson.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
James Wilson was appointed as director at AUDACY, INC..
- Action
- appointed
Exact text from the filing
the following individuals were appointed directors of Audacy: (1) Michael Del Nin, (2) Brian Lakamp, (3) Laura Molen, (4) Christy Tanner, (5) Kelli Turner and (6) James Wilson.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Susan K. Neely resigned as Director at AUDACY, INC..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors of the board of directors of Audacy (the “ Board ”), in their capacities as such, were deemed to have resigned or otherwise ceased to be directors of Audacy on the Effective Date (and any committees of the Board thereof) (collectively, the “ Director Resignations ”): (1) David J. Berkman, (2) Sean R. Creamer, (3) Joel Hollander, (4) Louise Kramer, (5) Mark R. LaNeve, (6) Roger Meltzer, (7) Susan K. Neely and (8) Joseph M. Field (Chairman Emeritus).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Brian Lakamp was appointed as director at AUDACY, INC..
- Action
- appointed
Exact text from the filing
the following individuals were appointed directors of Audacy: (1) Michael Del Nin, (2) Brian Lakamp, (3) Laura Molen, (4) Christy Tanner, (5) Kelli Turner and (6) James Wilson.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joel Hollander resigned as Director at AUDACY, INC..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors of the board of directors of Audacy (the “ Board ”), in their capacities as such, were deemed to have resigned or otherwise ceased to be directors of Audacy on the Effective Date (and any committees of the Board thereof) (collectively, the “ Director Resignations ”): (1) David J. Berkman, (2) Sean R. Creamer, (3) Joel Hollander, (4) Louise Kramer, (5) Mark R. LaNeve, (6) Roger Meltzer, (7) Susan K. Neely and (8) Joseph M. Field (Chairman Emeritus).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David J. Berkman resigned as Director at AUDACY, INC..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors of the board of directors of Audacy (the “ Board ”), in their capacities as such, were deemed to have resigned or otherwise ceased to be directors of Audacy on the Effective Date (and any committees of the Board thereof) (collectively, the “ Director Resignations ”): (1) David J. Berkman, (2) Sean R. Creamer, (3) Joel Hollander, (4) Louise Kramer, (5) Mark R. LaNeve, (6) Roger Meltzer, (7) Susan K. Neely and (8) Joseph M. Field (Chairman Emeritus).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Louise Kramer resigned as Director at AUDACY, INC..
- Action
- resigned
- Role
- Director
Exact text from the filing
the following directors of the board of directors of Audacy (the “ Board ”), in their capacities as such, were deemed to have resigned or otherwise ceased to be directors of Audacy on the Effective Date (and any committees of the Board thereof) (collectively, the “ Director Resignations ”): (1) David J. Berkman, (2) Sean R. Creamer, (3) Joel Hollander, (4) Louise Kramer, (5) Mark R. LaNeve, (6) Roger Meltzer, (7) Susan K. Neely and (8) Joseph M. Field (Chairman Emeritus).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Del Nin was appointed as director at AUDACY, INC..
- Action
- appointed
Exact text from the filing
the following individuals were appointed directors of Audacy: (1) Michael Del Nin, (2) Brian Lakamp, (3) Laura Molen, (4) Christy Tanner, (5) Kelli Turner and (6) James Wilson.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joseph M. Field resigned as Chairman Emeritus at AUDACY, INC..
- Action
- resigned
- Role
- Chairman Emeritus
Exact text from the filing
the following directors of the board of directors of Audacy (the “ Board ”), in their capacities as such, were deemed to have resigned or otherwise ceased to be directors of Audacy on the Effective Date (and any committees of the Board thereof) (collectively, the “ Director Resignations ”): (1) David J. Berkman, (2) Sean R. Creamer, (3) Joel Hollander, (4) Louise Kramer, (5) Mark R. LaNeve, (6) Roger Meltzer, (7) Susan K. Neely and (8) Joseph M. Field (Chairman Emeritus).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Laura Molen was appointed as director at AUDACY, INC..
- Action
- appointed
Exact text from the filing
the following individuals were appointed directors of Audacy: (1) Michael Del Nin, (2) Brian Lakamp, (3) Laura Molen, (4) Christy Tanner, (5) Kelli Turner and (6) James Wilson.
View on SEC.gov
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