The proprietor of WEEI and different Boston radio stations has obtained courtroom approval to emerge from chapter, with George Soros’ agency set to change into the biggest shareholder of the radio and podcast firm.
Audacy had filed for prepackaged Chapter 11 chapter at first of the 12 months following a drop of a number of billion {dollars} in radio advert spending.
Then on Tuesday, the U.S. Bankruptcy Court for the Southern District of Texas permitted Audacy’s reorg plan — which incorporates George Soros’ funding agency turning into the largest shareholder of Audacy. Soros Fund Management, based by the billionaire backer of Democratic politicians and causes, has greater than $414 million of Audacy’s debt, in accordance with a current courtroom submitting.
The firm’s reorganization plan would lower greater than $1.6 billion of Audacy’s debt.
With the courtroom signing off on the plan, Audacy expects to emerge from Chapter 11 after the corporate will get approval from the Federal Communications Commission.
“Today’s announcement marks a powerful step forward for Audacy, positioning the Company for an exciting future,” David Field, chairman, president and CEO of Audacy, stated in a press release. “As anticipated, we’ve achieved a speedy affirmation of our prepackaged Plan, which can allow Audacy to pursue our strategic objectives and alternatives within the dynamic audio enterprise.
“We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence,” Field added. “I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.”
Under the court-approved plan, Audacy will equitize about $1.6 billion of funded debt — a 80% drop from about $1.9 billion to $350 million.
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.
Additional Audacy lenders named within the submitting out of chapter courtroom embody Goldman Sachs Asset Management, PGIM, SI Capital Commercial Finance, Solus Alternative Asset Management, and Mockingbird Credit Opportunities Company.
Other than WEEI, Boston radio stations below the Audacy umbrella embody Mix 104.1 and Magic 106.7.
Source: www.bostonherald.com”