A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side. 
- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)
Cumulus Media Emerges From Chapter 11
- Client News
- June 12, 2018
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, among others, 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 and Robert Zochowski and counsel Chaim Theil and Bruce Gruder; intellectual property partner Claudine Meredith-Goujon; employee benefits counsel Jason Ertel; real estate partner Mitchell Berg; personal representation partner Alan Halperin; and antitrust counsel Marta Kelly.