"We have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business."
"I fully recognize that this has been a difficult period as we have coped with a long stretch of challenges and uncertainty."
After reaching an agreement with its creditors, Audacy has officially filed for Chapter 11 bankruptcy.
“We continue to engage in discussions with our lenders.”
The lack of payment does not affect the company's ability to operate going forward.
Other radio companies may have offered similar bonus schemes in the past, but Audacy’s recent action caught my attention.
“I see no way out, outside of a financial restructuring."
"During the appeal period, we will remain an NYSE-listed company but NYSE trading will be suspended and our common stock will be traded over the counter."
“We began to shift our strategic focus to more profitable areas of the business. And we are now starting to realize the benefits of that transition.”
Murphy's departure follows that of Chris Corcoran, co-founder and Chief Content Officer of Cadence13, who left Audacy two weeks ago.
