Bankruptcy Judge Okays Extended Forbearance for Audacy

RADIO ONLINE | Thursday, August 15, 2024

Audacy

U.S. Bankruptcy Judge Christopher Lopez has approved an emergency motion that allows Audacy to extend its pause on certain financial obligations beyond the original deadline. This extension became necessary due to delays by the FCC approving the company's post-bankruptcy restructuring plan. Audacy's Chapter 11 emergence plan has been pending with the FCC for six months, despite receiving approval from Judge Lopez in February.

In response to the ongoing delays, Audacy filed the motion with the court on Monday. Judge Lopez's approval, which came after a 1pm CT hearing on Thursday, was expected. As a result of the ruling, the Debtor-in-Possession Forbearance Agreement now extends the forbearance period to September 30.