Cumulus Media remains in chapter 11 on a prepackaged reorganization path, operating under final cash-collateral authority while the court has extended its exclusive plan-filing period through October 30, 2026 and solicitation period through December 29, 2026 under the exclusivity orderDkt. 477. The extension preserves the debtors’ control of the plan process as they work toward consummation of their restructuring.
Cumulus and its debtor affiliates commenced the cases in early March 2026 after sustained declines in broadcast advertising, competition from digital audio, elevated interest expense and increased ratings-data costs continued to pressure liquidity despite a 2024 exchange that pushed most maturities to 2029. The debtors entered chapter 11 with approximately $697.1 million in funded debt and an RSA supported by holders of 72.05% of the 2029 debt claims; the first-day declarationDkt. 15 describes a contemplated reduction of approximately $592 million in debt and $49 million in annual cash interest. Their liquidity strategy relied on consensual use of existing cash rather than a funded new-money DIP facility, and the final cash-collateral orderDkt. 155 authorized that use subject to an approved budget, variance testing, adequate-protection liens and superpriority claims, payment of secured-party professional fees and a $15 million minimum excess-availability covenant.
The prepackaged planDkt. 20 converts the principal 2029 secured claims into $50 million of exit convertible notes and 95% of the new common equity, with other funded-debt holders sharing the remaining 5%, in each case subject to management-incentive dilution. ABL claims are to roll into a restated exit facility, general unsecured claims are unimpaired and paid in the ordinary course, and existing equity is canceled without recovery. The plan’s effectiveness is conditioned in part on FCC approval, making regulatory clearance and implementation of the exit capital structure the central remaining steps on the debtor’s stated path.
