Cumulus has retained Moelis & Company to deal with lingering and troublesome debt left over from last year’s attempt to kick the can down the road.
- Lenders are working with Guggenheim -- same advisors who did the last restructuring through an out of court debt exchange.
- The Moelis banker who handles radio reportedly has had success bullying lenders into submission but they have all been burned so badly that they will likely have a stiff spine this time around.
- Moelis was the architect of the distressed debt exchange (concluded May 2024) that addressed the massive "maturity wall" originally set for 2026 restructuring the deal to extend those maturities to 2029.
Dig Deeper: After kicking $675 million in debt down the road to 2029 and $90 million in the bank, why they absolutely refuse to write a check to make the last $24 million disappear.
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