Cumulus Media is moving full steam ahead to get stakeholders on board for its proposed Chapter 11 financial restructuring. In a key development late last week, the U.S. Bankruptcy Court approved the company’s Revised Disclosure Statement, along with allowing Cumulus to reject all but one of a raft of money-losing contracts.

In an order issued Friday, the court said the Disclosure Statement complies with the bankruptcy code and contains “adequate information” and that no further information is necessary. That came two days after Cumulus filed a 290-page Revised Disclosure Statement to address claims raised by the U.S. Securities and Exchange Commission and two committees representing various lenders that the Disclosure Statement didn’t contain adequate information to meet bankruptcy code or to allow creditors to make an informed decision about the reorganization plan.

The court also gave the greenlight to various notification procedures and ballots that will be used for qualifying parties to vote on the restructuring plan. Solicitation packages will be sent to creditors with voting rights by Feb 15. March 23 has been set as the deadline to vote on the reorganization plan for those with voting rights. They include those with credit agreement claims, convenience claims, senior note claims and general unsecured claims. The court has set April 12 for the Confirmation Hearing to confirm the plan.

Last Thursday’s hearing before federal bankruptcy Judge Shelley Chapman came one day after Cumulus filed a 135-page revised version of the First Amended Reorganization Plan it entered on Jan. 18. Under the restructuring plan, the secured term loan lenders will get an 83.5% equity stake in the company for reducing the $1.729 billion Cumulus owes them to $1.3 billion. The unsecured noteholders, who own $610 million of Cumulus’ debt, have been offered a 16.5% equity stake in the company, essentially giving them pennies on the dollar.