"Radio Powerhouse Audacy Seeks Bankruptcy Protection Amid Restructuring"
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.
