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Movie equipment supplier VER Technologies LLC won court approval to put its reorganization plan to a creditor vote, which would see the company slash more than $750 million in debt and merge with another entertainment-related company, WSJ Pro Bankruptcy reported. Bankruptcy Judge Kevin Gross on Monday signed off on the disclosure statement. VER’s creditors will have until July 6 to cast their ballots, and Judge Gross will weigh in on the plan on July 13. The company is one of the largest suppliers of rental production services and equipment globally to the corporate, television, cinema, live music and hotel and sports industries. Before seeking bankruptcy protection in April, VER reached a deal with its lenders to see the company merge with Production Resource Group LLC, which is backed by private-equity firm The Jordan Company, and also provides equipment and services for live events, television and film.

Atlanta-based Cumulus Media has emerged from chapter 11 protection, the Atlanta Journal-Constitution reported. The deal with creditors will allow it to cut its debt by more than $1 billion. Its debt balance is now $1.3 billion, down from $2.34 billion, according to Cumulus. Cumulus, the second largest radio company in the U.S. behind IHeartMedia, filed for bankruptcy protection in November, 2017 with a pre-packaged deal. The company owns 446 radio stations nationwide in 90 markets. Cumulus was weighed down by debt since it purchased Citadel Broadcasting in 2011 valued at the time for $2.5 billion. The Dickey family — which launched and ran the company for two decades — didn't invest properly in programming and labor. As a result, both radio ratings and revenues suffered. Its financial problems led to Lew and John Dickey losing control of the company in 2015.

The long-running bankruptcy case of trucking firm Jevic Holding Corp. will convert to a chapter 7 liquidation after a Delaware judge denied approval Monday of the latest proposed settlement floated by the company and its creditors to dismiss the case, Law360 reported. During a teleconference in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon said all parties agree that there is no hope of ever confirming a chapter 11 plan and that opposition remained to the debtor’s and committee’s joint motion for a structured dismissal of the case. Read more. (Subscription required.) 

Further analysis of Jevic’s conversion will be provided in tomorrow’s edition of Rochelle's Daily Wire.