Cumulus Media Completes Bankruptcy Restructuring
The radio company has emerged from Chapter 11 with significantly reduced debt.
Updated on Oct. 16, 2026 in Debt Relief
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Cumulus Media has officially completed its bankruptcy restructuring process in the United States. The company exited Chapter 11 protection as a private entity after an accelerated reorganization.
Why it matters
The successful restructuring allows the broadcaster to stabilize its financial position while continuing to provide content across its national footprint. This transition shifts ownership entirely to former lenders who hold the reorganized equity.
Cumulus Media wiped out $600 million in existing funded indebtedness and issued $50 million in new convertible notes. Former lenders now own 100% of the company's reorganized equity.
The players
Cumulus Media
This American radio broadcasting company operates a large national footprint of stations.
Mary Berner
She serves as the President and CEO of Cumulus Media and remains in this role following the company's emergence from bankruptcy.
The details
As part of the court-approved plan, the company amended its asset-based revolving credit facility and appointed a new Board of Directors. Mary Berner will continue to lead the organization as President and CEO.
Timeline
October 16, 2026: Cumulus Media completed its bankruptcy restructuring.
Market Dynamics
The company's exit from Chapter 11 bankruptcy protection follows a pattern of media organizations using legal restructuring to manage legacy debt loads in a shifting landscape. This move positions the firm to operate as a private entity while competing in the broader broadcast market.
Existing public shareholders have been replaced as former lenders now hold 100% of the reorganized equity. The company remains a privately-held entity, meaning it will no longer trade on public stock exchanges.
The takeaway
The move enables the company to operate without the burden of $600 million in debt that previously restricted its capital flow. Listeners across the national footprint can expect continuity in programming as the new leadership focuses on delivering value to stakeholders.
Further reading
Learn more about the corporate restructuring process on our United States Debt Relief page.
Live Poll
Do you trust that radio stations owned by restructured companies will still prioritize their local communities?
