Cumulus Media Inc. filed a Form 8-K on October 16, 2026, reporting that its Chapter 11 plan of reorganization became effective that day, ending the bankruptcy proceedings commenced on March 4, 2026, and disclosing the terms of new credit facilities and equity issuances entered into upon emergence.

Key Highlights

  • Emergence date: October 16, 2026 was the "Effective Date" on which the Plan became effective and the Company Parties emerged from the Chapter 11 Cases.
  • Old equity canceled: All pre-emergence Class A common stock (par value $0.0000001 per share) and Class B common stock (par value $0.0000001 per share) were canceled and are of no further force or effect.
  • New equity issued: New Class A common stock and New Class B common stock, each with par value $0.01 per share, were issued representing 100% of outstanding equity interests in the Company.
  • ABL Facility: The Company entered into a four-year asset-based revolving credit facility of up to $100.0 million, with an initial maturity date of October 16, 2030, administered by Fifth Third Bank, National Association.
  • Convertible Notes: The Company issued $50 million in aggregate principal amount of 10%/8% Senior Secured PIK Toggle Notes due 2031 to holders of Allowed 2029 Secured Claims.
  • No exchange listing: The filing's registered-securities table lists N/A for title, trading symbol, and exchange.

Cumulus Media's Plan Effective Date: New Capital Structure and Credit Agreements

According to the filing, Cumulus Media Inc. and certain of its direct and indirect subsidiaries commenced voluntary Chapter 11 petitions on March 4, 2026, in the United States Bankruptcy Court for the Southern District of Texas, jointly administered under Case No. 26-90346 (ARP). The Modified Joint Prepackaged Chapter 11 Plan of Reorganization was filed on April 13, 2026, and the Bankruptcy Court entered its Confirmation Order on April 15, 2026. The Company disclosed that on October 16, 2026, all conditions to the Plan's effectiveness were satisfied or waived, and the Company Parties formally emerged from bankruptcy.

On the Effective Date, the Company disclosed it entered into an asset-based revolving credit agreement with Fifth Third Bank, National Association, as administrative agent, providing for borrowings of up to $100.0 million. The filing states that interest on loans under that facility will accrue at an adjusted term SOFR rate (subject to a floor of 0.00%) or a base rate, plus an applicable margin ranging from 1.50% to 2.00% for SOFR rate loans or 0.50% to 1.00% for prime rate loans, depending on average excess availability. The borrowers are required to maintain a minimum consolidated fixed charge coverage ratio of 1.0x, tested as of the last day of each fiscal month, and to pay a commitment fee accruing at 0.25% or 0.50% per annum on the average daily unused portion of each lender's commitment, according to the filing.

Separately, the Company disclosed the issuance of $50 million in aggregate principal amount of 10%/8% Senior Secured PIK Toggle Notes due 2031, issued to holders of Allowed 2029 Secured Claims pursuant to an indenture with Wilmington Savings Fund Society, FSB, as trustee. The filing states these notes are convertible into shares of New Class B Common Stock and are secured by second priority liens on assets subject to the ABL Facility's liens. The filing notes the ABL Facility carries a springing maturity 90 days prior to the stated maturity of certain other material indebtedness, including the Convertible Notes.

What Was Disclosed

Cumulus Media reported its emergence from Chapter 11 bankruptcy on October 16, 2026, the cancellation of all pre-emergence common stock, issuance of new common equity, entry into a $100.0 million ABL credit facility maturing October 16, 2030, and issuance of $50 million in PIK Toggle Notes due 2031.