Audacy, the radio broadcaster and parent company of podcast studios Cadence13,

 

Audacy, the radio broadcaster and parent company of podcast studios Cadence13, Pineapple Street, and 2400 Sports, is negotiating with financial creditors to restructure its debt.  Lawyers representing two different groups of creditors have recently signed nondisclosure agreements to begin discussing the restructuring of Audacy's $1.9B debt. In May, Audacy alerted investors that it would begin talking with creditors to work out its debt issues. The Gibson Dunn & Crutcher law firm was hired by a group of senior lenders, while a group of second lien bondholders has retained law firm Akin Gump Strauss Hauer & Feld, sources told the Wall Street Journal. Audacy itself is working with the restructuring adviser PJT Partners and has retained lawyers from Latham & Watkins. Audacy saw its first quarter 2023 revenue drop 5.7%. "It's looking increasingly likely this is headed for a Chapter 11 in-court restructuring," B. Riley Securities Equity Research analyst Dan Day told Inside Radio.