Audacythe radio and podcast giant, stated Sunday it submitted prepare for Chapter 11 personal bankruptcy defense in Texas to lower its financial obligation.
The restructuring contract will enable Audacy to slash its overall financial obligation load by 80% to about $350 million from around $1.9 billion, the business stated.
“Over the previous couple of years, we have actually tactically changed Audacy into a leading, scaled multi-platform audio material and home entertainment business,” David Field, CEO of Audacy, stated in a declaration.
Field included, “the ideal storm” over the previous 4 years of macroeconomic obstacles “dealing with the standard marketing market” led to a sharp decrease in radio advertisement costs.
“These market elements have actually seriously affected our monetary condition and demanded our balance sheet restructuring,” Field stated.
The Philadelphia-based business owns numerous radio stations and is among the leading radio broadcasters in the U.S.