Audacy Inc., a multi-platform audio content and entertainment company, said it commenced prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas on January 7, 2024.
In conjunction with the Chapter 11 petitions, Audacy has filed a proposed Plan of Reorganization that incorporates the terms of the restructuring support agreement and is subject to approval by the Court.
Under the terms of the restructuring support agreement, a supermajority of debtholders committed to vote in favor of the agreement, which, when approved, will reduce Audacy's funded debt from about $1.9 billion to about $350 million. Audacy's debtholders will receive equity in reorganized Audacy.
Audacy noted that its common stock will continue to trade over-the-counter under the symbol "AUDA" through the pendency of the Chapter 11 process.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.