Audacy, one of the largest radio companies in the US, filed for Chapter 11 bankruptcy protection on Sunday to reduce its debt load. Through the restructuring agreement, Audacy aims to slash its total debt from around $1.9 billion to approximately $350 million, an 80% reduction. The company's CEO cited "macroeconomic challenges" like reduced radio ad spending over the past 4 years that have severely impacted Audacy's financial condition.
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00:00 It's Benzinga and here's what's on the block.
00:02 Odyssey, one of the largest radio companies in the US,
00:05 filed for Chapter 11 bankruptcy protection on Sunday to reduce its debt load.
00:09 Through the restructuring agreement,
00:11 Odyssey aims to slash its total debt from around $1.9 billion
00:15 to approximately $350 million, an 80% reduction.
00:19 The company's CEO cited macroeconomic challenges like reduced radio and spending
00:24 over the past four years that have severely impacted Odyssey's financial condition.
00:28 Odyssey hopes that the process will allow it to significantly reduce its debt burden
00:32 and put the company on stronger financial footing going forward.
00:35 For all things money, visit Benzinga.com.