A reporter who has covered “financial distress, volatility and restructuring” for The Wall Street Journal since joining from Debtwire in July 2019 is sharing the news that, according to sources who have spoken with him, one of the nation’s largest audio content creation and distribution companies has reached an agreement with senior lenders that will give it the funds necessary to commence a voluntary Chapter 11 restructuring process.
When would this happen for Audacy Inc.? The WSJ’s Alexander Gladstone says an announcement is just weeks away. The bigger news? Ownership of the company founded by Joseph Field as Entercom more than 55 years ago and today run by his son, Chairman and President/CEO David Field, would be owned by Audacy’s lenders.
