WSJ Report: Cumulus Media Kicks Off Debt-Restructuring Talks With Creditor Groups

Bankruptcy Ahead?

THE WALL STREET JOURNAL reports, "CUMULUS MEDIA INC. recently started talks with two separate groups of creditors who own big chunks of the company’s $2.4 billion in debt, according to people familiar with the matter. The radio broadcaster faces key deadlines when most of its debt matures in early 2019. The talks could lead to a bankruptcy filing, according to people familiar with the matter." Like iHEARTMEDIA, which is struggling with it's own debt burden of $20.4 Billion, CUMULUS has been seeking to restructure its debt load for the last few years. The WSJ report notes, "CUMULUS is holding talks with a group of holders of its $1.8 billion in term loans as well as with a group of bondholders."

CRESTVIEW PARTNERS Partner JEFFREY A. MARCUS told the paper in an email, “Speaking for the Board, we are very impressed with the turnaround that MARY BERNER and her management team have accomplished. We hope the lenders will recognize the progress that is being made and will take all steps necessary to continue the momentum."

« see more Net News