Cumulus Media filed with the U.S. Bankruptcy Court a First Amended Joint Plan of Reorganization [Revised] and related Disclosure Statement.
According to the Disclosure Statement, “Each Holder of an Allowed Credit Agreement Claim will receive its pro rata share and interest in: (i) $1.3 billion in principal amount of first lien term loans (the ‘First Lien Exit Facility’); and (ii) 83.5% of the issued and outstanding amount of the New Securities, subject to dilution on account of the Management Incentive Plan (the ‘Term Loan Lender Equity Pool’). Subject to certain conditions, including that the Allowed Convenience Claims do not exceed $2 million in the aggregate, each Holder of an Allowed Convenience Claim – that is, a Holder of a General Unsecured Claim of $20,000 or less or a Holder of an Allowed General Unsecured Claim in a greater amount who voluntarily elects to reduce its Claim to $20,000 – will receive Cash in an amount equal to 100% of its Allowed Convenience Clai.”
In addition, “The Plan Allows the Credit Agreement Claims in the aggregate principal amount of $1,728,614,099.90. Together with accrued interest and unpaid commitment fees due and owing as of the Petition Date, the estimated amount of the Credit Agreement Claims totals $1,735,266,265.78.”
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