Cumulus goes for Chapter 11.

Cumulus has entered into a restructuring agreement with secured lenders composing just under 70% of the company’s term loan, dropping the debt by over $1 billion. To make all this happen, Cumulus has filed voluntary petitions for Chapter 11 reorganization in the US Bankruptcy Court for the Southern District of New York. According to a statement from the company, they expect “all operations, programming, and sales to continue as normal throughout this restructuring process.”