Atlanta-based Cumulus Media Inc. and 40 of its affiliated companies filed for Chapter 11 bankruptcy protection Wednesday in the Southern District of Texas.
Cumulus Media, which provides programming to 394 radio stations in 84 markets, cited liabilities between $1 billion and $10 billion and lists more than 10,000 potential creditors. The filings show Cumulus Media’s largest creditors are Bank of America ($321 million), U.S. Bank Trust ($318 million), Hogan Lovells ($3.5 million), Irving-based Infinite Digital ($743,000), King & Spalding ($254,000), San Antonio-based iHeart Media ($228,000) and Jones Day ($120,000).
New York-based Paul, Weiss, Rifkind, Wharton & Garrison and Houston-based Porter Hedges were selected by Cumulus Media as its lead legal advisors. Porter Hedges partner John Higgins signed the first day bankruptcy documents.
Cumulus Media also selected Alvarez & Marsal North America as its restructuring advisor and Moelis & Company as the financial advisor.
An ad hoc group is being represented by Gibson, Dunn & Crutcher.
According to documents, Cumulus Media’s Chapter 11 petition includes a “comprehensive restructuring support agreement with a group of its lenders to eliminate approximately $600 million of debt, substantially deleveraging its balance sheet and enhancing its ability to execute on strategic priorities.”
The Chapter 11 has been assigned to Houston Bankruptcy Judge Alfredo Perez.
The case is In re Cumulus Media Inc., No. 26-90346.