Cumulus Media Inc. recently started talks with two separate groups of creditors who own big chunks of the company’s $2.4 billion in debt, the Wall Street Journal reported. The radio broadcaster faces key deadlines when most of its debt matures in early 2019. Cumulus, the second-biggest radio broadcaster in the U.S. by revenue, has been grappling with how to restructure its debt load for a couple of years as advertising revenue and audience numbers have slid. Cumulus is holding talks with a group of holders of its $1.8 billion in term loans as well as with a group of bondholders. In February, a judge in the Southern District Court in New York struck down a deal the company had reached with its bondholders to extend the maturity on its unsecured notes in exchange for a one-third equity stake in the company and up to $305 million in new secured debt. The ruling came after a group of holders in the company’s $1.8 billion in term loans successfully challenged the debt exchange.
