Cumulus Media’s stock is trading at just 20 cents, its lowest in recent memory and relegated to over-the-counter after their Nasdaq delisting -- a flashing signal for a company already under pressure with massive write-downs and now a dwindling market cap.
- Investors may be asking is Mary Berner preparing for another pre-packaged bankruptcy -- while the company is still technically solvent?
- She did it before in 2017 cutting more than a billion dollars of debt and avoiding bankruptcy – you may remember, public denials, the pre-pack was negotiated privately.
- BUT, back then Berner didn’t dump enough debt and without growth, Cumulus has been unable to benefit from the first pre-pack.
- Behind the scenes things are deteriorating rapidly and the company’s unwillingness to go through the expense of trying to get its Nasdaq listing back by just having their stock trade at $1 for 30 days is telling.
Go Deeper: If They Don’t Do a Pre-Pack / If They Do Pull It Off
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