As expected, U.S. Bankruptcy Judge Christopher Lopez today signed off on an emergency motion giving Audacy Inc. the ability to extend its pause on meeting certain financial obligations beyond Monday — a request that came earlier this week due to FCC inaction in approving its post-bankruptcy restructuring agreement.
For six months, the Commission has been sitting on Audacy’s Chapter 11 emergence plan, as Lopez, who is based at the U.S Bankruptcy Court for the Southern District of Texas in Houston, gave his blessing to the initiative in February.
With time ticking and the Rosenworcel Commission under pressure from Republicans wary of the plan, which would make a George Soros-controlled fund Audacy’s top institutional investor post-bankruptcy, Audacy was forced on Monday to file the motion with Lopez’s court.
His approval was widely anticipated, and that came following a 1pm Central hearing on Thursday.
Now, a Debtor-in-Possession Forbearance Agreement extends the forbearance period to September 30.
