Soros Fund Management is set to become the biggest shareholder of Audacy (formerly Entercom), the radio station ownerand podcast company that filed for bankruptcy in January.
Audacy was pushed into Chapter 11 by the cost of financing its hefty $1.9 billion in debt. The bankruptcy was prepackaged, meaning it had already lined up support from lenders.
A court hearing is scheduled for Feb. 20. Documents filed in bankruptcy court in the Southern District of Texas show that billionaire investor George Sorors’ Soros Fund Management had acquired about $415 million of Audacy’s first-lien debt, which would make SFM the broadcaster’s biggest shareholder when it emerges from bankruptcy.
Holders of first-lien debt, also called secured debt, are paid back before all other stakeholders. In bankruptcy, these debt holders can swap their debt for equity. “The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy said in a statement to Bloomberg.
Read more on deadline.com
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