Cumulus Media Inc. has successfully emerged from Chapter 11 bankruptcy protection, completing its financial restructuring on October 16, 2026. The company, which filed for voluntary bankruptcy in the Southern District of Texas on March 4, 2026, exited the process as a privately owned entity.
Under the confirmed reorganization plan, all outstanding shares of the company's Pre-Emergence Class A and Class B common stock were canceled. In their place, Cumulus issued 100% of its reorganized equity to its creditors. The restructuring involved the cancellation of approximately $600 million in funded indebtedness. As part of the new capital structure, the company issued $50 million in aggregate principal amount of new Convertible Notes to former lenders.
The new Convertible Notes are 10%/8% Senior Secured PIK Toggle Notes due 2031. Interest accrues at a rate of 8.00% per annum if paid in cash or 10.00% per annum if paid by increasing the principal amount. The notes are convertible into shares of New Class B Common Stock and are jointly and severally guaranteed by certain subsidiaries. They are secured by second priority liens on the company's assets, ranking junior to the liens securing the new asset-based revolving credit facility.
In connection with the emergence, Cumulus entered into a new asset-based revolving credit agreement with Fifth Third Bank, National Association as administrative agent. The facility provides up to $100.0 million in aggregate principal amount, with an initial maturity date of October 16, 2030. The company also entered into a Stockholders' Agreement regarding restrictions on the transfer of the new common stock.
