Cumulus Media Emerges From Bankruptcy.

Cumulus Media has completed its financial restructuring and emerged from Chapter 11 bankruptcy protection, eliminating approximately $550 million in debt and strengthening its financial position.

The Atlanta-based company announced that it had completed the process on an accelerated timeline consistent with its original expectations, following receipt of all required approvals, including from the Federal Communications Commission. Cumulus said it continued operating normally throughout the proceedings, with no disruption to its operations, audiences or advertisers.

“Emerging with a significantly stronger balance sheet, we are more committed than ever to providing engaging content across our national footprint, serving as a lifeline and voice for the local communities we serve, driving meaningful growth for our advertising partners, and delivering value for our new shareholders,” President and CEO Mary Berner said in a statement.

Berner also thanked the company’s lenders and noteholders for their cooperation, along with employees, vendors, affiliates, customers and partners for their continued support.

Cumulus and certain subsidiaries began a prepackaged Chapter 11 reorganization on March 4 in the U.S. Bankruptcy Court for the Southern District of Texas under a restructuring support agreement with a group of lenders.

Under the confirmed plan of reorganization, Cumulus canceled 100% of its existing funded indebtedness, totaling approximately $600 million, in exchange for 100% of the reorganized company’s equity and $50 million in new convertible notes issued to former lenders. The company also amended and restated its asset-based revolving credit facility to maintain liquidity going forward.

Cumulus has emerged as a privately owned company and appointed a new board of directors. Berner and the existing management team will continue leading the company.