HomeRANTCumulus Elects to Miss $23.6 Million Interest Payment;

Cumulus Elects to Miss $23.6 Million Interest Payment;

RANT

Published on

By jiggy
spot_img

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | RSS

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.

The LOWE-Down!

Get Jiggy Jaguar's FREE email newsletter with his latest insights, top stories, show prep and more delivered to your inbox.

Latest articles

News

Mexico Opens Investigation into Deaths of U.S. Officials | Michael Letts Interview

!function(r,u,m,b,l,e){r._Rumble=b,r||(r=function(){(r._=r._||).push(arguments);if(r._.length==1){l=u.createElement(m),e=u.getElementsByTagName(m),l.async=1,l.src="https://rumble.com/embedJS/u34v0r"+(arguments.video?'.'+arguments.video:'')+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify(.slice.apply(arguments))),e.parentNode.insertBefore(l,e)}})}(window, document, "script", "Rumble"); Rumble("play", {"video":"v76oksk","div":"rumble_v76oksk"}); 🚨 BREAKING 🚨 Mexico is investigating the deaths of U.S. officials...
-politics-

What They’re NOT Telling You… Roger Homefield & IQ Al Rassooli EXPOSE the Truth 😳🔥

!function(r,u,m,b,l,e){r._Rumble=b,r||(r=function(){(r._=r._||).push(arguments);if(r._.length==1){l=u.createElement(m),e=u.getElementsByTagName(m),l.async=1,l.src="https://rumble.com/embedJS/u34v0r"+(arguments.video?'.'+arguments.video:'')+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify(.slice.apply(arguments))),e.parentNode.insertBefore(l,e)}})}(window, document, "script", "Rumble"); Rumble("play", {"video":"v76n2cu","div":"rumble_v76n2cu"}); The mainstream headlines only tell part of the story… Roger Homefield...
Music Monday

Iwan Unbroken Interview: A Story of Strength, Survival, and Purpose

!function(r,u,m,b,l,e){r._Rumble=b,r||(r=function(){(r._=r._||).push(arguments);if(r._.length==1){l=u.createElement(m),e=u.getElementsByTagName(m),l.async=1,l.src="https://rumble.com/embedJS/u34v0r"+(arguments.video?'.'+arguments.video:'')+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify(.slice.apply(arguments))),e.parentNode.insertBefore(l,e)}})}(window, document, "script", "Rumble"); Rumble("play", {"video":"v76f06w","div":"rumble_v76f06w"}); A powerful long-form interview exploring resilience, mindset, and personal transformation.
-politics-

“The World Is Changing FAST” – Frank Vernuccio & IQ Al-Rassooli Sound the Alarm

!function(r,u,m,b,l,e){r._Rumble=b,r||(r=function(){(r._=r._||).push(arguments);if(r._.length==1){l=u.createElement(m),e=u.getElementsByTagName(m),l.async=1,l.src="https://rumble.com/embedJS/u34v0r"+(arguments.video?'.'+arguments.video:'')+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify(.slice.apply(arguments))),e.parentNode.insertBefore(l,e)}})}(window, document, "script", "Rumble"); Rumble("play", {"video":"v76db8g","div":"rumble_v76db8g"});

More like this

News

Mexico Opens Investigation into Deaths of U.S. Officials | Michael Letts Interview

!function(r,u,m,b,l,e){r._Rumble=b,r||(r=function(){(r._=r._||).push(arguments);if(r._.length==1){l=u.createElement(m),e=u.getElementsByTagName(m),l.async=1,l.src="https://rumble.com/embedJS/u34v0r"+(arguments.video?'.'+arguments.video:'')+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify(.slice.apply(arguments))),e.parentNode.insertBefore(l,e)}})}(window, document, "script", "Rumble"); Rumble("play", {"video":"v76oksk","div":"rumble_v76oksk"}); 🚨 BREAKING 🚨 Mexico is investigating the deaths of U.S. officials...
-politics-

What They’re NOT Telling You… Roger Homefield & IQ Al Rassooli EXPOSE the Truth 😳🔥

!function(r,u,m,b,l,e){r._Rumble=b,r||(r=function(){(r._=r._||).push(arguments);if(r._.length==1){l=u.createElement(m),e=u.getElementsByTagName(m),l.async=1,l.src="https://rumble.com/embedJS/u34v0r"+(arguments.video?'.'+arguments.video:'')+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify(.slice.apply(arguments))),e.parentNode.insertBefore(l,e)}})}(window, document, "script", "Rumble"); Rumble("play", {"video":"v76n2cu","div":"rumble_v76n2cu"}); The mainstream headlines only tell part of the story… Roger Homefield...
Music Monday

Iwan Unbroken Interview: A Story of Strength, Survival, and Purpose

!function(r,u,m,b,l,e){r._Rumble=b,r||(r=function(){(r._=r._||).push(arguments);if(r._.length==1){l=u.createElement(m),e=u.getElementsByTagName(m),l.async=1,l.src="https://rumble.com/embedJS/u34v0r"+(arguments.video?'.'+arguments.video:'')+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify(.slice.apply(arguments))),e.parentNode.insertBefore(l,e)}})}(window, document, "script", "Rumble"); Rumble("play", {"video":"v76f06w","div":"rumble_v76f06w"}); A powerful long-form interview exploring resilience, mindset, and personal transformation.