On November 29, 2017, Cumulus announced that it entered into a restructuring support agreement (RSA) with a group of its secured lenders on the terms of a comprehensive financial restructuring plan. To implement the agreement, Cumulus chose to file for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.
Securities distributions in media companies are based on specific FCC requirements and should be handled by a solicitation agent with media company expertise. In addition, the solicitation and related securities distribution had to be completed on an expedited timeline.
Our expert solicitation team offered targeted guidance and helped to develop special procedures to implement the necessary FCC requirement for each type of claimant.
Epiq also created unique formatting so that the required information, once returned, could be quickly reviewed and analyzed by the attorneys and financial advisors. This resulted in significant efficiencies for the client.
Cumulus was highly-focused on completing the solicitation on an expedited basis. Our team’s public securities experts advised the parties on potential pitfalls and how to avoid. The confirmation process was seamless and efficient, and Epiq played a key role in implementation.
On May 10, 2018, the Order confirming the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization was entered. With Epiq's assistance, eligible stakeholders received their entitlements under the Plan shortly after confirmation.
Cumulus was relisted on Nasdaq on July 27, 2018.