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Cumulus Media Extension Sought

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Cumulus Media filed with the U.S. Bankruptcy Court a motion for entry of an order extending the exclusive periods to file a chapter 11 plan and solicit acceptances thereof, through and including July 26, 2018 and September 24, 2018, respectively.

The extension motion explains, “The Plan’s deleveraging of the Debtors’ balance sheet affords the Company a ‘fresh start’ and provides a foundation for the long-term viability of the Company’s businesses for the benefit of its employees, customers and other stakeholders. The Debtors have achieved significant progress in these Chapter 11 Cases on an expedited timeline, including obtaining both requisite financing (through the consensual use of cash collateral) to stabilize and continue their operations in the ordinary course of business and approval of the disclosure statement for the Plan while avoiding the cost or distraction of significant value-eroding litigation. Nevertheless, significant work remains to be done. Accordingly, the Debtors need to maintain the exclusive right to file a chapter 11 plan and solicit votes thereon to achieve their remaining objectives as efficiently and expeditiously as possible. In contrast, allowing the exclusivity periods to expire would introduce unnecessary uncertainty and confusion into the Chapter 11 Cases and will impose substantial additional costs on the Debtors’ estates. The facts and circumstances of these Chapter 11 Cases more than justify an initial modest four-month extension of the Debtors’ exclusive periods in which to file and solicit votes on a plan.” The Court scheduled a March 21, 2018 hearing to consider the extension motion with objections due by March 16, 2018.

Read more Cumulus Media bankruptcy news.

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