On January 7, 2024, Audacy, Inc. announced that it entered into a restructuring support agreement (the “RSA” or the “Agreement”) with a supermajority of its debtholders on the terms of a comprehensive restructuring that will significantly deleverage its balance sheet and further position Audacy for long-term growth. 

To implement the balance sheet deleveraging transaction contemplated in the RSA, Audacy and certain of its subsidiaries have commenced prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas (“the Court”). 

The Company does not expect any operational impact from the restructuring. 

On February 20, 2024, Audacy announced that the Court approved the Company’s Plan of Reorganization. With the Plan approved, Audacy expects to emerge from the Chapter 11 process after the Company obtains approval from the Federal Communications Commission. 

The Plan Confirmation announcement can be found here.

Under the approved Plan, Audacy will equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. Trade and other unsecured creditors will not be impaired.

The full announcement can be found here.

Audacy common stock will continue to trade over-the-counter under the symbol “AUDA” through the pendency of the Chapter 11 process. The shares are expected to be canceled and receive no distribution as part of Audacy’s restructuring.

For more information on Audacy’s restructuring, including access to Court documents, please visit https://dm.epiq11.com/Audacy or contact Epiq Corporate Restructuring, LLC, the Company’s claims and noticing agent, at (877) 491-3119 (toll free U.S.) / +1(503) 406-4581 (International) or [email protected].