Cumulus Media filed with the U.S. Bankruptcy Court proposed final findings of fact and conclusions of law in support of confirmation of the First Amended Joint Plan of Reorganization. According to the documents filed with the Court, “With respect to the manner of selection of the officers and directors, the Plan provides that the New Cumulus Board will be composed of seven members, and will consist of Reorganized Cumulus’s President and Chief Executive Officer and six directors chosen by the Term Lender Group….On the Effective Date, the Management Incentive Plan shall be, and shall be deemed to have been, adopted and implemented by the Reorganized Debtors. In accordance with the Management Incentive Plan, 9.25% of the New Common Stock, on a fully diluted basis, shall be reserved to grant equity awards to senior management employees and 0.75% of the New Common Stock, on a fully diluted basis, shall be reserved to grant equity awards to members of the New Cumulus Board….The aggregate amount of the Allowed General Unsecured Claims shall be deemed to be equal to the lesser of (A) the aggregate amount of General Unsecured Claims that are ultimately Allowed following the resolution and reconciliation of all General Unsecured Claims (the ‘Actual GUC Claim Amount’) and (B) $30 million (the ‘General Unsecured Claim Cap’) and (ii) the Senior Notes Claims shall be deemed Allowed in an aggregate amount equal to $1,274,628,888.88 (the ‘Settled Senior Notes Claim Amount’).” This owner and operator of radio stations, filed for Chapter 11 protection on November 29, 2017, listing more than $2.4 billion in pre-petition assets.
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