First, the court has to approve any bankruptcy plan put in place before it becomes effective. Second, we are told by several financial experts that, while it’s still early in this process, it appears there was no deal made with Cumulus’ junior lenders, so there still could be a fight ahead. That could mean a bankruptcy plan would wipe out about $600 million due to the junior debt holders, which those debt holders might want to fight for in court. One expert told us, “there will be a lot of fighting. This is a long way from approval.”
Just sell off every station in the group to the highest bidder. With no sweetheart deals designed to limit competition! Just sealed bids accepted! Like thats going to happen, lol lol lol.
That removes the source of revenue. The lenders don’t want that.