Home Login RADIO ONLINE RSS Facebook
Find Radio Online
AM FM HD

Advertisement

Audacy Files Emergency Motion Amid FCC Bankruptcy Delays


Audacy
Audacy

Seven months after initially filing for Chapter 11 bankruptcy, Audacy finds itself compelled to file an emergency motion in the U.S. Bankruptcy Court for the Southern District of Texas, as the Federal Communications Commission (FCC) contunes to delay approval of the company's restructuring plan.

The motion, submitted on August 12, seeks to extend a critical forbearance period -- a temporary pause on certain financial obligations -- which is currently set to expire on August 19. Audacy is requesting that the court extend this period until September 30 under the Debtor-in-Possession Forbearance Agreement.

A hearing is scheduled for August 15 to review the motion. The court is expected to grant the extension, given its past stance on similar matters. If approved, this extension would provide Audacy with the necessary time to continue its operations and work towards financial recovery.

However, if this motion is denied, Audacy would need to meet its financial obligations as originally outlined in the debtor-in-possession financing agreement. This would include resuming payments that had been paused, potentially increasing the risk of default on its financing.

Audacy's reorganization plan received court approval in February but is now awaiting final approval from the FCC. The delay has been attributed to scrutiny from Republican leaders in Washington, D.C., particularly concerning the involvement of Soros Fund Management, which acquired $400 million of Audacy's debt. This acquisition has made George Soros the company's largest shareholder, sparking concerns over potential foreign or political influence in U.S. media due to Soros' well-known liberal affiliations.

Despite these challenges, Audacy remains optimistic about securing the necessary FCC approvals, stating that its restructuring plan fully complies with the Communications Act.

Advertisement

Latest Radio Stories

Former Hawaii Public Radio Exec Jose A. Fajardo Dies
Jose A. Fajardo
Jose A. Fajardo
Jose A. Fajardo, an influential figure in public media, has passed away at age 61 due to complications from ALS, at his home in Honolulu. Fajardo, who served as the President and General Manager of Hawaii Public Radio (HPR) from 2016 to earlier this More

Howard Eskin Exits Audacy's SportsRadio 94WIP Philly
Howard Eskin
Howard Eskin
Veteran sports radio personality Howard Eskin is parting ways with SportsRadio 94WIP in Philadelphia after a notable 38-year tenure. Eskin, a pioneering voice, was instrumental in steering WIP into its current Sports/Talk format when he first graced More

Morning Changes at Townsquare Media in Utica-Rome
Dave Wheeler and Rachel Davis
Dave Wheeler and Rachel Davis
Townsquare Media is making a series of changes to the morning shows at AC WLZW (Lite 98.7) and Country WFRG-FM (Big Frog 104.3) in Utica, NY. Dave Wheeler, who has been with Townsquare Utica since 2009 and has held several posts within the company, More
Advertisement

''Morning Bullpen'' Departs 100.3 The Bull in Houston
George Lindsey, Monica 'Mo' Lundsford and Erik
George Lindsey, Monica 'Mo' Lundsford and Erik
The "Morning Bullpen" at Audacy Country KILT-FM (100.3 The Bull) in Houston broadcast its final episode Friday, marking the end of its tenure at the station. The show's hosts, George Lindsey and Monica 'Mo' Lundsford, have been staples on the More

Dean & Rog Exit Mornings At KGLK (The Eagle) in Houston
Dean and Rog
Dean and Rog
Dean Myers and Roger Beaty, known on-air as "Dean & Rog," have concluded their 15-year tenure hosting the morning show at Radio One Houston's Classic Rock KGLK (107.5 & 106.9 The Eagle). Their departure was effective immediately after their final More

Dinahlynn Biggs Sells Radio Stations to iHeartRadio
Dinahlynn Biggs
Dinahlynn Biggs
Radio and music industry stalwart Dinahlynn Biggs, originally from Gary, IN, has announced a transaction involving her network of radio outlets. Biggs has sold her Indianapolis, Atlanta and Pasadena stations to broadcasting giant iHeartRadio. More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement