Cumulus Files for Bankruptcy

The details are nicely explained and synthesized by Robert Feder in his column this morning...

Cumulus Media, which operates four radio stations in Chicago, filed to reorganize in Chapter 11 bankruptcy Wednesday in an effort to reduce its $2.4 billion debt by more than $1 billion. The Atlanta-based company earlier this month defaulted on a $24 million debt payment, and its stock was delisted at NASDAQ. “We will use this restructuring process to relieve the financial constraints on our continued progress, allowing us to focus our resources on investing in our business and people to strengthen our competitiveness and ultimately drive growth,” Mary Berner, president and CEO of Cumulus, said in a statement. Among the company’s 446 stations nationwide are news/talk WLS AM 890, classic hits WLS FM 94.7, classic rock WLUP FM 97.9 and alternative rock WKQX FM 101.1.