The company is transitioning to private ownership with a new board controlled by Alden Global Capital affiliate Next Gen Radio. Monitor for Form 15 filing to confirm deregistration and the company's ability to operate without public reporting obligations. The restructuring eliminates significant debt overhang but former common shareholders are wiped out.
Price Chart
Executive Summary
Cumulus Media emerged from Chapter 11 bankruptcy on October 16, 2026, canceling all existing equity and approximately $600 million in funded debt in exchange for new equity and $50 million in convertible notes. The company issued 352,025 shares of New Class A Common Stock and 285,975 shares of New Class B Common Stock, with 95% going to 2029 secured lenders and 5% to other funded debt holders. A new board was appointed, including representatives from Alden Global Capital affiliate Next Gen Radio, and the company intends to deregister its securities and operate as a private company.
Key Financial Metrics
Key Facts
- Emergence from Chapter 11 on October 16, 2026, after filing on March 4, 2026
- All existing common stock (Pre-Emergence Class A and Class B) canceled with zero recovery for former shareholders
- Approximately $600 million in funded debt eliminated, replaced by $50 million in new convertible notes and new equity
- Issued 352,025 shares of New Class A Common Stock and 285,975 shares of New Class B Common Stock
- 95% of new equity to 2029 secured lenders, 5% to other funded debt holders
- New $100 million asset-based revolving credit facility with Fifth Third Bank, maturing October 16, 2030
- New board appointed: Heath B. Freeman (Next Gen Radio/Alden Global Capital), Philip A. Hudson (Alden Global Capital), Greg Stuecheli, Scott Manson, and CEO Mary G. Berner
- Company intends to file Form 15 to deregister securities and cease SEC reporting, becoming a private company
- 10% of new common stock reserved for management incentive plan
Financial Impact
Approximately $600 million in funded debt eliminated; $50 million in new convertible notes issued; $100 million ABL facility established; all prior equity canceled with no value
Risk Factors
- Former common equity holders receive zero recovery
- Company will cease SEC reporting and become private, reducing transparency
- New board includes distressed-asset specialists from Alden Global Capital, known for aggressive cost-cutting
- Convertible notes carry 8-10% PIK interest, adding leverage
- ABL facility requires 1.0x fixed charge coverage ratio covenant
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-116470 |
| Document: tm2625433d5_ex3-1.htm | 0001104659-26-116470 |
| Document: tm2625433d5_8k.htm | 0001104659-26-116470 |
| Document: tm2625433d5_ex99-1.htm | 0001104659-26-116470 |
| Document: 0001104659-26-116470-index-headers.html | 0001104659-26-116470 |
| Document: 0001104659-26-116470-index.html | 0001104659-26-116470 |
| Document: 0001104659-26-116470.txt | 0001104659-26-116470 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | 15-12G | — | awaiting T+20 | — | — |
Oct 16, 2026 10d ago | 8-K | — | awaiting T+20 | — | — |
US Market Status
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