April 2, 2018 / 11:55 AM / 8 months ago

Cumulus noteholders object to Ch. 11 plan's proposed distribution

The bankruptcy exit plan put forth by Cumulus Media Inc cannot be confirmed because of its proposed distributions, according to senior noteholders, who are slated for the same recovery as the radio broadcaster’s general unsecured creditors.

The noteholders in court papers filed on Wednesday objected to the plan, arguing it suffers from “fatal flaws,” notably the proposal to split 16.5 percent of equity in a restructured company with general unsecured creditors.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2H4XaoK

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