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Joele Frank, Wilkinson Brimmer Katcher is handling the Chapter 11 filing of Cumulus Media, the nation’s No. 2 radio station owner/network after IHeartMedia.
The Atlanta-based broadcaster entered the restructuring to slash more than $1B in debt.
CEO Mary Berner assured shareholders that Cumulus has ample cash on hand and expects to carry out its normal business operations throughout the Chapter 11 proceedings.
The reorganization provides an opportunity “to relieve the financial constraints on our continued progress, allowing us to focus our resources on investing in our business and people to strengthen our competitiveness and ultimately drive growth,” said Berner.
Cumulus earned $1.3M on $287M revenues during the quarter ended September. It had $69.4M in cash/cash equivalents.
JFWBK’s Michael Freitag, Aaron Palash and Andrew Squire are working the Cumulus restructuring.
BGR Group represents Noble Supply and Logistics as it files for Chapter 11 due to a change in its weapons support contract with the Defense Logistics Agency.
C Street Advisory Group is handling the Chapter 11 filing of LIV Golf following the move by Saudi Arabia’s Public Investment Fund to pull the financial plug on the League. (Updated)
Teneo handles Bamboo Insurance Services as the Midvale, UT-based marketer of homeowner policies files a Form S-1 statement with the SEC for an initial public offering.
FTI Consulting handles West Marine as the nation’s leading retailer of marine parts and accessories for boating, fishing and sailing enthusiasts emerges from Chapter 11 bankruptcy.
Throughline Global Advisors represents Principal Mineral as it acquires Conductive Group, manufacturer of advanced materials for the aerospace, telecommunications and electronics sectors.
