George Soros’ funding agency is anticipated to grow to be the biggest shareholder of Audacy, the bankrupt proprietor of WEEI and different Boston radio stations.
Soros Fund Management, based by the billionaire backer of Democratic politicians and causes, now has greater than $414 million of Audacy’s debt, in response to a courtroom submitting this week.
The Soros funding agency appeared on an inventory of Audacy’s lenders within the submitting out of U.S. Bankruptcy Court for the Southern District of Texas. Bloomberg was the primary to report on Soros Fund Management and Audacy.
Soros Fund Management, a New York City-based funding supervisor for sure funds and accounts, has $279.8 million in time period loans and $135 million in revolving credit score.
The proprietor of WEEI and different Boston radio stations filed for prepackaged Chapter 11 chapter firstly of the yr, as the corporate’s chief blamed a “perfect storm” of monetary challenges sparking a drop of a number of billion {dollars} in radio advert spending.
Meanwhile, the corporate entered right into a restructuring settlement with a supermajority of its debtholders.
“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” an Audacy spokesperson mentioned in a press release on Wednesday.
“We expect to emerge from our restructuring process with a strong capital structure and well-positioned to capitalize on our strategic transformation into a scaled leading multi-platform audio content and entertainment company,” the spokesperson added. “We intend to continue running our business, executing our strategy and delivering for our listeners and advertisers as we always do.”
Audacy is the father or mother firm of WEEI, which has fallen effectively behind 98.5 The Sports Hub in rankings over the past a number of years. Other Boston radio stations below the Audacy umbrella embrace Mix 104.1 and Magic 106.7.
Audacy anticipates that it’ll emerge from chapter as soon as regulatory approval is obtained from the Federal Communications Commission.
Other Audacy lenders named within the submitting out of chapter courtroom embrace Goldman Sachs Asset Management, PGIM, SI Capital Commercial Finance, Solus Alternative Asset Management, and Mockingbird Credit Opportunities Company.
Source: www.bostonherald.com”