Group Of Unsecured Creditors Object to Cumulus Executive Bonuses

Bonus Issues?

CUMULUS MEDIA, which filed for Chapter 11 bankruptcy protection on WEDNESDAY, NOVEMBER 29th, 2017, is facing an objection filed with the U.S. Bankruptcy Court by "the Official Committee of Unsecured Creditors," claiming that paying bonuses to senior executivess will result in the unsecured creditors “receiving pennies on the dollar.”

The committee tells the court that CUMULUS' top execs will benefit from “not one, but two allegedly incentivizing and wholly overlapping program that contemplate quarterly cash payments.” Federal Judge SHELLEY CHAPMAN will hear arguments on MONDAY, MARCH 12th.

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