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Replies to post #26 on Audacy Inc (AUDAQ)
Prepackaged Debt Restructuring Pursuant to Restructuring Support Agreement with Supermajorities of First Lien and Second Lien Debtholders
Pursuant to a Restructuring Support Agreement (as defined below) with supermajorities of its first lien and second lien debtholders, Audacy, Inc. (the “Company” or “Audacy”) and certain of its direct and indirect subsidiaries (together with the Company, the “Debtors”) intend to implement a comprehensive debt restructuring (the “Restructuring”) that will convert approximately $1.6 billion of the Debtors’ funded debt into equity of the reorganized Company, a reduction of 80% of the Debtors’ funded debt, from approximately $1.9 billion to approximately $350 million. The Restructuring Support Agreement contemplates effectuating the Restructuring through a joint prepackaged plan of reorganization (the “Plan”) of the Debtors under voluntary petitions filed on January 7, 2024 pursuant to Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”). The Company does not expect any operational impact from the Restructuring. Under the terms of the Restructuring Support Agreement, supermajorities of Consenting First Lien Lenders and Consenting Second Lien Noteholders committed to vote in favor of the Plan. The Company expects that the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) will hold a hearing to consider the approval of the Plan in February, and expects to emerge from Chapter 11 protection once regulatory approval is obtained from the Federal Communications Commission (the “FCC”). Audacy’s Class A common stock will continue to trade over the counter under the symbol “AUDA” during the pendency of the Chapter 11 process. Upon the effective date of the Plan ( the “Plan Effective Date”), Audacy’s existing equity interests will be cancelled and receive no distribution as part of the Restructuring.
