Total value destruction under CEO Mary Berner is now a shocking - $2.5 billion with all the major revenue indicators headed in the wrong direction except for digital which is low margin and a relatively small piece of the pie hastening another bankruptcy.
Reality check
- The equity value of the company now stands at just $2.6 million – down from over $500 million when the company emerged from bankruptcy #1 – a wipeout of $500 million for lenders turned shareholders.
- Cumulus shares were delisted from NASDAQ May 2 relegating the company to penny stock status.
- Their post-bankruptcy $666.5 million of debt is now trading at just 30 cents or $200 million – a wipeout of another $466 million.
- Total value destruction post-bankruptcy now stands at $966 million and growing in addition to the $1.5 billion of value destruction investors and lenders suffered the first bankruptcy.
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