Following the announcement in March that Cumulus Media was headed for a second bankruptcy, we learn today that a federal bankruptcy judge in the Southern District of Texas has approved the reorganization plan. That plan removes $592 million in debt. Along with that, lenders have committed up to $100 million to fund continuing operations during and after this transition time.
Crucially, executive leadership will continue: CEO Mary Berner and CFO Francisco Lopez-Balboa will remain at least through this year. No such stability in the board of directors though: an entirely new seven-member board will be established.
The FCC must still sign off, but we do not know of any problems there.