Report: Cumulus Unit AR Broadcasting Files For Prepackaged Bankruptcy

AR Chapt. 11

CUMULUS MEDIA unit AR BROADCASTING HOLDINGS, INC. has filed for Chapter 11 bankruptcy, reports BLOOMBERG.

The filing in U.S. Bankruptcy Court in DELAWARE says that the unit owes under 1,000 creditors an aggregate $100 million and has assets worth $10-50 million, and that a prepackaged reorganization plan has been accepted by 100% of one class of creditors which voted for the restructuring.

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