FAQ

On January 7th, Audacy announced that it entered into a restructuring support agreement (the “RSA” or the “Agreement”) with a supermajority of its debtholders on the terms of a comprehensive restructuring that will significantly deleverage its balance sheet and further position Audacy for long-term growth.

To implement the deleveraging transaction contemplated in the RSA, Audacy, Inc. and certain of its subsidiaries commenced prepackaged Chapter 11 proceedings under the United States Bankruptcy Code in the Southern District of Texas (the “Court”.)

Chapter 11 refers to a section of the U.S. Bankruptcy Code that governs court-supervised reorganizations of businesses during which a company negotiates with its creditors (including its lenders) and other key stakeholders to agree on the terms of a comprehensive financial restructuring and to finalize a long-term business plan.

Audacy has taken actions to capitalize on our strategic transformation into a scaled, multi-platform audio content and entertainment company with compelling growth opportunities.

We expect Court approval of the Plan of Reorganization in February and to emerge from bankruptcy once regulatory approval is obtained from the Federal Communications Commission.

Additional information regarding our Chapter 11 cases, including court documents and claim information, can be found by visiting Audacy’s claims agent Epiq, by calling (877) 491-3119 (toll free U.S.) / +1(503) 406-4581 (International) or sending an email to audacy@epiqglobal.com.