Cumulus Strikes Restructuring Deal—Using Chapter 11 Process.

Just days ahead of potentially defaulting on one of its loans, Cumulus Media has filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code to restructure the company’s nearly $2 billion of debt. While details are scarce, the company says it’s entered into an agreement with a group of its secured lenders on a financial restructuring that will reduce its debt load by more than $1 billion. Read more