Facing deadlines this year to pay back some of its $2 billion in debt, Audacy appears poised to file for bankruptcy protection, according to a report in the Wall Street Journal. The WSJ says all that debt is about to trigger a Chapter 11 bankruptcy, possible within weeks, with senior lenders assuming ownership of the radio company following the reorganization. The publicly-owned radio company has been skipping loan interest payments since late last year in efforts to facilitate talks with its lenders, according to reports to the U.S. Securities and Exchanges Commission. Audacy has been working with restructuring advisors from PJT Partners and attorneys from Latham & Watkins LLP, according to the WSJ report. A Radio World email to Audacy seeking comment on the WSJ report was not immediately returned.

Source: Wall Street Journal January 04, 2024 05:19 UTC