BOSTON – One of the largest radio companies in the United States, with operations in Boston, has filed for bankruptcy. Audacy, based in Philadelphia, initiated Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, as announced on Sunday. Alongside this filing, Audacy also reached a prepackaged restructuring agreement last week. This agreement aims to reduce the company’s debt from approximately $1.9 billion to about $350 million, according to documents filed with the Securities and Exchange Commission.
In a statement, Audacy expressed confidence that the restructuring would not impact their operations, and that their trade and unsecured creditors would not be adversely affected. The company expects a court hearing in February to seek approval for their plan.
Audacy operates multiple FM and AM stations in the Boston area, including WEEI 93.7 FM, Big 103, Magic 106.7, Mix 104.1, and Channel Q. The company views this restructuring as an opportunity to continue their digital transformation and capitalize on their position as a leading audio content and entertainment company.
Notably, Audacy was removed from the New York Stock Exchange in November after a lengthy process. This bankruptcy filing marks the next step in the company’s journey as it navigates through this financial challenge.
In summary, Audacy, one of the nation’s prominent radio companies, has filed for bankruptcy, invoking Chapter 11 and initiating a prepackaged restructuring agreement. The company’s aim is to reduce its substantial debt while ensuring its operations remain unaffected. Audacy’s Boston-area stations are included in this restructuring, and the company sees it as an opportunity to further establish its position in the audio content and entertainment industry.