Cumulus Media Inc., which owns and operates several radio stations in the Dallas-Fort Worth area, has filed for Chapter 11 bankruptcy, saying it has entered into a restructuring agreement with some of its lenders in a plan to reduce more than $1 billion in debt.
In the Dallas-Fort Worth area, Cumulus owns KTCK The Ticket, 99.5 The Wolf, The Hot 93.3, KLIF 570, KSCS 96.3, WBAP 820 and ESPN 103.3.
The company, based in Atlanta, made the filing in the United States Bankruptcy Court for the Southern District of New York. Cumulus said it expects all operations, programming and sales to continue as normal throughout this
The company said it has “ample cash on hand” and does not intend to seek debtor-in-possession (DIP) financing.
“Over the last two years, we have focused on implementing a business turnaround to reverse the company’s multi-year ratings, revenue and EBITDA declines, create a culture that fosters motivated and engaged employees, and build an operational foundation to support the kind of performance we believe Cumulus is capable of delivering,” said Mary Berner, president and CEO of Cumulus Media.