HomeRANTCumulus Elects to Miss $23.6 Million Interest Payment;

Cumulus Elects to Miss $23.6 Million Interest Payment;

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By jiggy
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Restructuring Talks to Intensify. The decision by the restructuring committee of Cumulus Media’s board of directors to forgo the scheduled interest payment of $23.6 million due yesterday (11/1) is designed to emphasize the importance of negotiations with creditors for restructuring the company’s debt. In its 8-K filing with the SEC, the company acknowledges its private discussions with lenders and noteholders and says, “This decision was made in support of the Company’s efforts to develop and implement a restructuring that will allow the Company to continue its operational and financial momentum, as evidenced by the results announced in its selected preliminary operating results for third quarter 2017 on October 26, 2017. The decision to withhold payment during the grace period will not impact the Company’s operating constituents, including its employees, advertisers, network affiliates, vendors and content partners.” This move will mature into an “Event of Default” if the payment is not made by December 1. Obviously, Cumulus hopes that progress on restructuring can be made this month.

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