On Sunday, audio content company Audacy filed for Chapter 11 bankruptcy in a Southern District of Texas court.
According to the company, Audacy is currently entering proceedings to reduce its debt load from $1.9 billion to around $350 million.
“With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business,” said CEO David Field, who went on to say that the bankruptcy filing won’t affect Audacy’s employees or partners.
Audacy was previously delisted from the N.Y. Stock Exchange back in Nov. 2023.
