Audacy Emerges from Bankruptcy with FCC Approval

Audacy has successfully emerged from Chapter 11 bankruptcy protection after securing Federal Communications Commission (FCC) approval for its restructuring plan, which significantly reduced its debt from approximately $1.9 billion to $350 million. The restructuring, which took six months to finalize, allows Audacy to transition into a private company with a stronger balance sheet and an estimated debt-to-equity leverage of 2.7 times. CEO David Field expressed confidence in the company's growth trajectory, emphasizing investments in content and digital platforms. The restructuring was facilitated by a prepackaged debt deal involving major stakeholders, including Soros Fund Management, which became a significant lender. Following the restructuring, Audacy aims to enhance its audio content offerings and capitalize on new growth opportunities despite challenges in the traditional advertising market. The FCC is expected to conduct a foreign-ownership review due to the involvement of foreign investors in the company's new ownership structure.