On January 7, Audacy announced that we have reached an agreement with a supermajority of our debtholders on a financial restructuring that will place the Company on a strong financial footing, reduce our debt by over 80% and position us for growth and success in the years ahead.
The restructuring will reduce our total debt from roughly $1.9 billion to $350 million and leave us well positioned to build on our distinct competitive position and capitalize on the work we have done on our strategic transformation into a scaled, leading multi-platform audio content and entertainment company with compelling growth opportunities.
Under this agreement, we will retain the terrific brands, content, talent and capabilities that make us a scaled, leading player in the dynamic, growing audio market.
We do not expect any changes to our relationship or the services we provide to you.
We thank you for your trust and continued support as we move through this process and are available to answer any questions you may have. Additional information, including court documents and claim information, can be found by visiting Audacy’s claims agent Epiq, dialing (877) 491-3119 (toll free U.S.) / +1(503) 406-4581 (International) or emailing email@example.com.