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Cumulus Media Plan Confirmed

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The U.S. Bankruptcy Court issued an order confirming Cumulus Media’s First Amended Joint Chapter 11 Plan of Reorganization. The order states, “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….Solely for purposes of determining the Pro Rata allocation of the Unsecured Creditor Equity Distribution as between the Holders of Allowed Claims in Class 5, on the one hand, and the Holders of Allowed Claims in Class 6, on the other, (i) 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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