According to recent press and people familiar with the matter, Cumulus Media Inc. recently started talks with two separate groups of creditors who own big chunks of the Company’s $2.4 billion in debt. The talks could lead to a bankruptcy filing, according to people familiar with the matter. While Cumulus and its advisers are in talks with lenders and bondholders, the situation remains fluid and an out-of-court debt restructuring remains possible, the people added. Read more on distressed companies.
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