CUMULUS CONTINUING NORMAL OPERATIONS DURING FINANCIAL RESTRUCTURING
In conjunction with our ongoing turnaround efforts, Cumulus has entered into an agreement with certain of our secured lenders on the terms of a financial restructuring plan that will reduce our debt by more than $1 billion. In order to implement the terms of this agreement, the Company chose to voluntarily file for reorganization under Chapter 11 of the U.S. Bankruptcy Code on November 29, 2017.
Operations, programming, and sales across the company, including our collection of stations and Westwood One, are continuing as normal.
We have already made significant progress in our turnaround efforts and are confident that our financial restructuring process will enable us to move forward as a stronger company.
For more information about the financial restructuring, please refer to the links below.