Cumulus Media Inc. has received takeover interest, including one offer that valued the company at $1.3 billion, the company’s bankruptcy lawyer said Thursday, WSJ Pro Bankruptcy reported. “We got a couple of feelers. We got an offer for $1.3 billion,” said lawyer Paul Basta at a hearing in U.S. Bankruptcy Court in New York. Cumulus is attempting to get court approval for a balance-sheet restructuring plan that is being challenged by junior bondholders. At issue is the valuation the company is using to support its restructuring plan, which the junior creditors dispute. The chapter 11 plan says Cumulus is worth $1.675 billion and allots 83.5 percent of the equity in the reorganized business to senior lenders. Unsecured creditors, including junior bondholders, will only receive a 16 percent stake, which translates to a recovery of 14 cents on the dollar, on $600 million in liabilities.
