Cumulus Media gets shorter-than-requested extension of plan periods

By Caroline Salls

Pittsburgh, March 22 – Cumulus Media Inc. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Cumulus’ exclusive filing period was extended through June 27 and the solicitation period through Aug. 27.

As previously reported, the company asked the court in its motion to extend the filing and solicitation periods to July 26 and Sept. 24, respectively.

“The debtors have achieved significant progress in these Chapter 11 cases on an expedited timeline, including obtaining both requisite financing ... to stabilize and continue their operations in the ordinary course of business and approval of the disclosure statement for the plan while avoiding the cost or distraction of significant value-eroding litigation,” the motion said.

“Nevertheless, significant work remains to be done. Accordingly, the debtors need to maintain the exclusive right to file a Chapter 11 plan and solicit votes thereon to achieve their remaining objectives as efficiently and expeditiously as possible.”

Cumulus Media is an Atlanta-based radio broadcaster. The company filed for bankruptcy on Nov. 29 under Chapter 11 case number 17-13381.

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