Spirit Airlines has filed for Chapter 11 bankruptcy, transferring control to its senior secured and convertible noteholders as part of a restructuring support agreement. This move aims to address over $1.6 billion in debt, with plans to eliminate $795 million of it and provide $840 million in new senior notes. The airline industry has seen significant distress, with numerous carriers shutting down since 2022. Spirit's bankruptcy follows a failed merger with Frontier Airlines and ongoing financial struggles.
Audacy, a major U.S. radio and podcast company, has filed for Chapter 11 bankruptcy protection to cut down its debt by 80%, reducing it to approximately $350 million from $1.9 billion. The company's CEO, David Field, cited a "perfect storm" of economic challenges and a decline in traditional advertising revenue as the reasons for the financial strain. Audacy, which owns numerous radio stations including prominent ones like WFAN Sports Radio and New York's 1010 WINS, aims to restructure its balance sheet through this process.
Audacy, the second-largest radio broadcaster in the U.S., has filed for Chapter 11 bankruptcy to reduce its debt by approximately $1.6 billion, an 80% decrease from its current $1.9 billion debt. The company plans to continue operations normally during the restructuring process and expects to emerge from bankruptcy with a stronger capital structure. Audacy's stock has been delisted from the NYSE and will trade over-the-counter during the reorganization. The bankruptcy plan is set for a court hearing in February, with the aim of obtaining regulatory approval from the FCC.
Audacy, a major U.S. radio company and owner of iconic stations like KROQ and KCBS, has filed for Chapter 11 bankruptcy protection. The company, which emerged from a merger between Entercom and CBS Radio in 2017, plans to reduce its debt by approximately 80%, from $1.9 billion to $350 million, through a restructuring agreement with its debt holders. Despite the bankruptcy, Audacy expects no operational impact and aims to continue its growth in the audio business, leveraging its multi-platform content and entertainment offerings.
