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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.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Prosek Partners brings on Danielle O’Brien as a managing director in its investor relations practice, based in the firm’s New York office.
