Radio broadcaster Cumulus Media Inc. says ill-fated acquisitions and competition from digital streaming and web-based formats contributed to its chapter 11 bankruptcy filing late Wednesday, only weeks after the company warned it might seek protection from creditors after missing an interest payment on its bonds, WSJ Bankruptcy Pro reported. Atlanta-based Cumulus, which for years has suffered declines in ratings and revenues, said secured lenders holding nearly 70 percent of a term loan have agreed to help it restructure and reduce its debt load by more than $1 billion. In turn, they will own 84 percent of the company after it emerges from bankruptcy, which Cumulus hopes will occur in May.
