Greatest U.S. radio corporation Audacy files for individual bankruptcy defense

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The New York Stock Trade welcomes executives and attendees of Audacy (NYSE: AUD), right now, Friday, April 9,2021, in celebration of its latest corporation rebrand.

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Audacy, the radio and podcast huge, reported Sunday it filed plans for Chapter 11 bankruptcy safety in Texas to reduce its personal debt.

The restructuring arrangement will make it possible for Audacy to slash its overall credit card debt load by 80% to about $350 million from around $1.9 billion, the business stated.

“Around the previous several decades, we have strategically reworked Audacy into a top, scaled multi-platform audio content material and enjoyment organization,” David Subject, CEO of Audacy, mentioned in a assertion.

However, Area extra, “the best storm” in excess of the past 4 years of macroeconomic problems “going through the regular advertising and marketing sector” led to a sharp reduction in radio ad spending.

“These market place components have seriously impacted our monetary condition and necessitated our stability sheet restructuring,” Discipline stated.

The Philadelphia-based corporation owns hundreds of radio stations and is one of the major radio broadcasters in the U.S. Audacy owns WFAN Athletics Radio, New York’s 1010 WINS and KCBS.

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