Atlanta-based radio giant Cumulus Media has filed for chapter 11 with $2.4 billion in debt, and it has reached an agreement with 69 percent of its term loan holders, Variety reported. Cumulus’s pre-packaged restructuring agreement with lenders will reduce the company’s debt by more than $1 billion. Earlier this month, Cumulus defaulted on a nearly $24 million debt payment to its lenders. The stock will continue to trade on the OTC (over-the-counter) market, where it moved after being delisted at NASDAQ last week. The company will also cease paying interest on bonds or interest that will accrue on bonds during its financial restructuring process, according to a post on the company website.
