A U.S. judge on Friday rejected Cumulus Media Inc.’s bid to proceed with a refinancing plan that the second-largest U.S. radio network hoped would help reduce its $2.4 billion debt load, but was opposed by some lenders, Reuters reported. The decision by U.S. District Judge Katherine Polk Failla in Manhattan came in a lawsuit the Atlanta-based company filed in December, accusing JPMorgan Chase & Co. of withholding consent to parts of its refinancing plan. In its lawsuit, Cumulus said that JPMorgan's actions in its role as administrative agent under a 2013 credit agreement had threatened a deal it reached with bondholders that would deleverage the company by up to $305 million. But JPMorgan and a group creditors who objected to the deal million of the company's loans disagreed and argued the transaction was not permitted under the credit agreement, a position Judge Failla adopted.
