Cumulus Media to Forgo Scheduled Interest Payment

RADIO ONLINE | Friday, November 3, 2017

In a SEC filing, Cumulus Media said it would skip a scheduled interest payment of approximately $23.6 million on the 7.75% Senior Notes due 2019 issued by Cumulus Media Holdings. The company said the move was made in connection with its ongoing discussions with creditors. On October 30, the the company's Restructuring Committee authorized Cumulus to forgo the scheduled interest payment on November 1. That will trigger a 30-day grace period allowing for payment up to December 1.

Cumulus said in the filing that "the decision was made in support of its efforts to develop and implement a restructuring that will allow it to continue its operational and financial momentum, as evidenced by the results announced in its selected preliminary operating results for third quarter." It also noted that the decision to withhold payment during the grace period will not impact the company's operating constituents, including its employees, advertisers, network affiliates, vendors and content partners.