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.