Cumulus Media out of Chapter 11, has paid $550 million

Cumulus Media has emerged from its prepackaged Chapter 11 bankruptcy, eliminating roughly $550 million in debt by cancelling 100% of its indebtedness in return for 100% of the company's equity, with the deal also issuing $50 million in convertible notes, per Inside Radio via MediaPost. Full text sits behind MediaPost's member gate; lead graph read.