The current financial landscape presents legal challenges unrivaled in scope and complexity to businesses in every industry. Our Bankruptcy & Corporate Reorganization Department helps companies, creditors and investors facing rapid market and regulatory transformation respond to these challenges with comprehensive and innovative bankruptcy and reorganization strategies. Our practice has been a critical advisor in almost every major headline grabbing restructuring over the past several years.

Cumulus Media Emerges From Chapter 11

Paul, Weiss advised Cumulus Media Inc., one of the United States’ largest radio station networks, in its successful reorganization under chapter 11. Under the reorganization plan, which received court approval in May 2018 over creditor objections related to company valuation, Cumulus’ debt was trimmed by more than $1 billion, and term lenders received 83.5 percent of the reorganized company’s equity and $1.3 billion in new term loan debt. Unsecured creditors received the balance of the equity. Cumulus filed for chapter 11 protection in November 2017 and emerged from bankruptcy on June 4, 2018.

The Paul, Weiss team included bankruptcy partners Paul Basta and Jacob Adlerstein and counsel Claudia Tobler; litigation partners Susanna Buergel and Lewis Clayton and counsel Jonathan Hurwitz; tax partner David Sicular; corporate partners John Kennedy, Robert Zochowski, Ariel Deckelbaum and Lawrence Wee and counsel Chaim Theil and Bruce Gruder; intellectual property partner Claudine Meredith-Goujon; employee benefits partner Andrew Gaines and counsel Jason Ertel; real estate partner Mitchell Berg; personal representation partner Alan Halperin; and antitrust counsel Marta Kelly.

June 12, 2018

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