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Thread: Cumulus Media files for bankruptcy

  1. #11
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    In the grand old tradition of Enron and Wells Fargo, bankrupt Cumulus Media plans to pay millions of dollars in bonuses to its executives. I hope the creditors prevail in this case.

    Unsecured creditors object to Cumulus compensation plan
    Radio Ink. Mar 6 2018

    An official 30-page objection has been filed by the unsecured creditors in the Cumulus bankruptcy case regarding millions of dollars in bonuses the company wants to pay out to CEO Mary Berner, CFO John Abbot, General Counsel Richard Denning and Westwood One President Suzanne Grimes. The creditors say if Cumulus prevails, this will result in the unsecured creditors receiving pennies on the dollar and these executives have already received millions in pre-petition "incentive" compensation payments. This filing has nothing to do with bonuses that will be paid out to the rank-and-file Cumulus employees, which will go ahead as planned, according to the company.

    https://radioink.com/2018/03/06/unse...ensation-plan/

  2. #12
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    Lest anyone think Cumulus Media is the only bankrupt broadcasting company giving huge bonuses to its executives:

    Millions in bonuses approved for iHeart executives
    Radio Ink, Mar 1 2018

    As iHeartMedia inches closer to a restructure, possibly within days, the iHeartCommunications Compensation Committee has approved millions of dollars in bonuses for three iHeart executives: CEO Bob Pittman, COO Richard Bressler and General Counsel Robert Walls. iHeart has been attempting to restructure more than $20 billion in debt.

    Details: https://radioink.com/2018/03/01/mill...rt-executives/

  3. #13
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    Assuming iHeart's attorneys and debtholders will be working on the weekend, the company has an additional five days to restructure its debt.

    iHeartMedia extends temporary forbearance agreement with debtholders
    RadioInsight.com, Mar 8 2018

    iHeartMedia has extended its forbearance agreement with its debtholders through 11:59 pm Monday, March 12. The agreement comes as the company continues to negotiate a deal to satisfy all debt holders and potentially negotiate a deal with suitor Liberty Media and its SiriusXM. The extension could also allow the company to host its iHeartRadio Music Awards this weekend without the specter of a just-filed bankruptcy.

    https://radioinsight.com/headlines/1...t-debtholders/

  4. #14
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    I just checked today's stock price for Cumulus (CMLSQ) -- after all, this thread is supposed to be about Cumulus -- and here are the numbers:

    Open 0.090
    High 0.099
    Low 0.088
    Close 0.095

    $9.50 for a hundred shares -- yeah, that sounds like an excellent buy. No, really.

  5. #15
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    This article says iHeart's day-to-day operations will "continue as usual." Yeah, because their day-to=-day operations have obviously been working so well up to now.

    iHeartMedia files for bankruptcy, reaches restructuring agreement in principle
    Action paves way for radio giant to shed most of the debt from 2008 buyout; Clear Channel Outdoor billboards not part of Chapter 11.

    https://www.marketwatch.com/story/ih...ple-2018-03-15

  6. #16
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    This is from RadioInsight.com:

    Cumulus files reorganization plan with FCC, will divest four stations

    As part of its bankruptcy restructuring plan, Cumulus Media will be forced to divest four stations as it loses its grandfathered status. The company states that outside of its officers and directors only one party will have attributable interest in the company with one unnamed company having the right to vote nearly 11% of the Class A Common Stock of the restructured company. The four stations that will be placed into the Cumulus Reorganization Divestiture Trust for a future sale are oldies KJMO Linn/Jefferson City MO, country WNUQ Sylvester/Albany GA, country “104.9 WPCK Denmark/Green Bay WI and sports WTOD Delta/Toledo OH.

    https://radioinsight.com/headlines/1...four-stations/

  7. #17
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    The abovementioned divestiture of four radio stations is no longer necessary. Radio Insight today is reporting that Cumulus turned in the license of classic hits "Z104.1" KZJF in Jefferson City, Missouri and moved the format (and Kansas City Royals baseball broadcasts) to sister station KJMO, formerly oldies "Cool 97.5." KJMO is now billed as "Jefferson City’s Cool Classic Hits." Financial restructuring is allowing Cumulus to erase more than $1 billion in debt and the company will emerge from Chapter 11 bankruptcy before the end of June.

    Cumulus Media ready to exit bankruptcy

    http://www.robertfeder.com/2018/05/0...it-bankruptcy/

  8. #18
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    Now Cumulus Media can get back to its normal business of firing disc jockeys, talk-show hosts and news announcers and overpaying its executives.

    Cumulus Media emerges from bankruptcy
    All Access, Jun 4 2018 2:11 PM

    Cumulus Media has officially completed its reorganization and is emerging from Chapter 11 bankruptcy with a debt reduction of $1.3 billion and a new logo as well. Equity in the pre-bankruptcy company has been cancelled and replaced with former stakeholders being issued 11,052,211 shares of the Company’s Class A common stock, 5,218,209 shares of the Company’s Class B common stock and warrants to purchase 3,729,589 shares of common stock in exchange for their prior claims.

    https://www.allaccess.com/net-news/a...rom-bankruptcy
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  9. #19
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    For some reason I started thinking about the 1986 movie The Money Pit. This is from the Wall Street Journal:

    Private-equity firm Silver Lake offers to Invest $500 million in iHeartMedia
    Radio broadcaster’s largest creditors haven't accepted the proposal.

    https://www.wsj.com/articles/private...dia-1531931959

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