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Cumulus Media Bankruptcy Compliance Sought

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Cumulus Media filed with the U.S. Bankruptcy Court a motion for entry of an order, pursuant to Section 105 of Title 11 of the United States Code, establishing procedures to comply with media and foreign ownership requirements of the Federal Communications Commission (FCC), including establishing deadlines by which holders of credit agreement claims, senior notes claims and general unsecured claims must submit the certifications to Epiq Bankruptcy Solutions to facilitate the allocation of equity securities under the First Amended Joint Plan of Reorganization in a manner that complies with FCC rules.

The motion explains, “The Plan contemplates that certain Holders of Allowed Claims will receive New Securities on the Effective Date, which will result in a change of control requiring consent from the FCC. Accordingly, to continue operating their broadcast stations on and after the Effective Date, the Debtors are required to file the long form applications on FCC Form 315 (as the same may be amended from time to time, the ‘FCC Applications’) to obtain the FCC’s prior consent to transfer control of the FCC licenses (the ‘FCC Licenses’) held by the Debtors to the Reorganized Debtors (the ‘FCC Approval’).”

In addition, “Pursuant to the Plan and the Equity Allocation Mechanism, the distribution of New Common Stock to a Holder of an Allowed Credit Agreement Claim, Allowed Senior Notes Claim or Allowed General Unsecured Claim may be in the form of more than 4.99% of the outstanding Class A Common Stock when the shares of Class A Common Stock are issued on and as of the Effective Date only if (i) such Holder is identified on the FCC Applications, and (ii) the FCC Approval is granted with respect to such identified Holder as the Holder of an ‘attributable’ interest in the Reorganized Debtors.” The Court scheduled a February 28, 2018 hearing to consider the compliance motion, with objections due by February 23, 2018.

Read more Cumulus Media bankruptcy news.

The post Cumulus Media Bankruptcy Compliance Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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