Cumulus Restructuring Plan

A group of Cumulus bond holders has agreed to inject $350 million of new capital into the company, according to a filing with the SEC. The plan calls for a pre-packaged bankruptcy or an out of court debt-for-equity swap with bondholders. The company would need 98% of the bondholders to agree to the plan. The proposal comes after the company skipped a Nov. 1 interest payment (CAT 11/2). Read the filing here.