Brief: Audacy Says Commences Prepackaged Chapter 11 Proceedings To Implement Balance Sheet Restructuring

Audacy

07/01/2024 13:35

Jan 7 (Reuters) - Audacy Inc:
    * AUDACY REACHES AGREEMENT WITH A SUPERMAJORITY OF ITS
DEBTHOLDERS
ON BALANCE SHEET DELEVERAGING TRANSACTION THAT WILL EQUITIZE
OVER 80% OF COMPANY'S DEBT
    * COMMENCES PREPACKAGED CHAPTER 11 PROCEEDINGS TO IMPLEMENT
BALANCE SHEET RESTRUCTURING, REDUCE TOTAL DEBT FROM ABOUT $1.9
BILLION TO ABOUT $350 MILLION
    * OPERATIONS WILL CONTINUE IN ORDINARY COURSE THROUGHOUT
RESTRUCTURING PROCESS
    * THROUGH RESTRUCTURING, CO AND ITS DEBTHOLDERS WILL
UNDERTAKE A
DELEVERAGING TRANSACTION TO EQUITIZE APPROXIMATELY $1.6 BILLION
OF FUNDED DEBT
    * DOES NOT EXPECT ANY OPERATIONAL IMPACT FROM RESTRUCTURING,
AND
TRADE AND OTHER UNSECURED CREDITORS WILL NOT BE IMPAIRED
    * DURING CHAPTER 11 PROCESS, CERTAIN OF AUDACY'S EXISTING
LENDERS
HAVE COMMITTED TO PROVIDE $57 MILLION IN DEBTOR-IN-POSSESSION
FINANCING
    * CO,CERTAIN OF ITS SUBSIDIARIES COMMENCED PREPACKAGED
CHAPTER 11
PROCEEDINGS IN UNITED STATES BANKRUPTCY COURT FOR SOUTHERN
DISTRICT OF TEXAS
    * DEBTHOLDERS WILL RECEIVE EQUITY IN REORGANIZED AUDACY;
EXPECTS
THAT COURT WILL HOLD A HEARING TO CONSIDER APPROVAL OF PLAN IN
FEBRUARY

Source text for Eikon:  ID:nBw6ZhjWLa 
Further company coverage:  AUDA.PK 

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