Cloud Cover: Cumulus Media entered into a "prepackaged Chapter 11 process" today (3/5) in U.S. Bankruptcy Court for the Southern District of Texas, a move designed to eliminate approximately $600M in debt. The company says it will "continue operating ... throughout the process, with no impact to employees, partners or listeners." In conjunction with the Chapter 11 petitions, Cumulus filed a proposed Plan of Reorganization. The requisite majority of its debtholders committed to vote in favor of that plan, for which a court hearing is expected within 60 days.

Pres./CEO Mary Berner says, “While we have outperformed the market on many of our most important metrics, including share gains in both local and digital revenue, the broader macroeconomic and industry-wide pressures we have faced have remained unrelenting. Against that backdrop, it became clear that Cumulus’ remaining debt burden limited our ability to fully realize the company’s potential, and this agreement represents a major step forward.” More info here.