The New York Inventory Change welcomes executives and friends of Audacy (NYSE: AUD), at this time, Friday, April 9,2021, in celebration of its latest firm rebrand.
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Audacy, the radio and podcast big, stated Sunday it filed plans for Chapter 11 chapter safety to cut back its debt.
The restructuring settlement will enable Audacy to slash its complete debt load by 80% to about $350 million from round $1.9 billion, the corporate stated.
“Over the previous few years, we’ve got strategically reworked Audacy into a number one, scaled multi-platform audio content material and leisure firm,” David Subject, CEO of Audacy, stated in a press release.
Nonetheless, Subject added, “the right storm” over the previous 4 years of macroeconomic challenges “going through the standard promoting market” led to a pointy discount in radio advert spending.
“These market elements have severely impacted our monetary situation and necessitated our steadiness sheet restructuring,” Subject stated.
Audacy owns a whole lot of radio stations and is among the prime radio broadcasters within the U.S.
