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 to Exit Chapter 11

Paul, Weiss secured court approval for radio broadcasting company Cumulus Media Inc.’s financial reorganization plan in connection with its Chapter 11 bankruptcy. Under the confirmed plan, approved over creditor objections related to company valuation, the company’s debt will be trimmed by more than $1 billion, and term lenders will hold 83.5 percent of the reorganized company as well as interest in a first-lien exit facility. Unsecured creditors will receive the balance of the equity. The company filed for voluntary reorganization in November; it expects to emerge from bankruptcy by the end of the second quarter.

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.

May 4, 2018

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