The New York Stock Exchange welcomes executives and visitors of Audacy (NYSE: AUD), right this moment, Friday, April 9,2021, in celebration of its latest company rebrand.
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Audacy, the radio and podcast large, mentioned Sunday it filed plans for Chapter 11 bankruptcy protection to cut back its debt.
The restructuring settlement will enable Audacy to slash its complete debt load by 80% to about $350 million from round $1.9 billion, the company mentioned.
“Over the previous few years, now we have strategically reworked Audacy into a number one, scaled multi-platform audio content material and leisure company,” David Field, CEO of Audacy, mentioned in an announcement.
However, Field added, “the right storm” over the previous 4 years of macroeconomic challenges “going through the normal promoting market” led to a pointy discount in radio advert spending.
“These market elements have severely impacted our monetary situation and necessitated our stability sheet restructuring,” Field mentioned.
Audacy owns a whole bunch of radio stations and is without doubt one of the prime radio broadcasters within the U.S.