U.S. Trustee Has Five Objections To Cumulus Chapter 11 Plan

Objections To Bankruptcy Plan

CUMULUS MEDIA, "should be required to revise language in its Chapter 11 plan solicitation materials to clear up concerns over broad, third-party litigation releases and how creditors might avoid consent to those provisions, an attorney for the U.S. trustee said in a MONDAY court filing," reports LAW360.COM [Subscription Required]. The filing asks a NEW YORK bankruptcy judge to reject CUMULUS’ "so-called disclosure statement, which details the facets of the company’s Chapter 11 reorganization plan," an attorney for U.S. Trustee WILLIAM K. HARRINGTON wrote in his complaint.

HARRINGTON is seeking more info from CUMULUS for creditors to make, "an informed choice," about approving the plan. He lists five issues he wants CUMULUS to address. ALL ACCESS contacted CUMULUS, which had no comment.

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