Surprised no one has posted about it on here. Thoughts? Who will they sell to? What will happen to all the staffs? For any longtime personnel, when your company files bankruptcy, the company doesn't have to pay severance to its employees. Sounds like it can only get worse from here unless they sell and preserve people's jobs.
-
Get involved.
We want your input!
Apply for Membership and join the conversations about everything related to broadcasting.
After we receive your registration, a moderator will review it. After your registration is approved, you will be permitted to post.
If you use a disposable or false email address, your registration will be rejected.
After your membership is approved, please take a minute to tell us a little bit about yourself.
https://www.radiodiscussions.com/forums/introduce-yourself.1088/
Thanks in advance and have fun!
RadioDiscussions Administrators
Audacy Ch 11 bankruptcy filing
- Thread starter RayydioLA
- Start date
- Status
Having been with iHeart during their bankruptcy, I can say that the year or so of that process was actually pretty quiet. Big layoffs came a year before filing and a year after emerging, but I don't recall anything during.
Their lenders are acquiring control of the company. Exactly what the structure of Audacy will be after reorganization is not yet clear, but nearly all of the company post-bankruptcy will be owned by the lenders
Severance is never required by law.
For the immediate future, it looks like the two lead group of debtors will assume nearly total ownership of the shares and will operate the group to recover the debt "haircut" through earnings.
A sale to a third party is unlikely at this point, and selling bits and pieces will not recover as much as taking the earnings each year.
You're new here. Audacy isn't strictly an LA company. So this has been discussed at length on the national radio board:
Nothing will change in LA. No stations will be sold.
Announcement - Strengthening Audacy
Audacy Reaches Agreement with a Supermajority of its Debtholders on Balance Sheet Deleveraging Transaction that Will Equitize Over 80% of it's Debt
forward.audacyinc.com
Last edited:
I worked for a company, not in the media, through its bankruptcy, which it entered due to legal liabilities, and the worst part of it were the few months before bankruptcy. Almost all routine expenses were frozen and no new initiatives could start. Couldn't hire anyone new, no matter how much they were needed, not even if the position had been vacated because an employee had left. Once the prepackaged bankruptcy was filed, business as usual could resume, though approval levels were yanked up a step or two.
The slightly weird part about it was that the company matching 401(k) contributions had been in stock, but were converted to cash before the bankruptcy.
Not "new here," more a reader than than poster. Very aware that Audacy is not just an LA company. Worked for them many years ago in another market, in a previous corporate incarnation.You're new here. Audacy isn't strictly an LA company. So this has been discussed at length on the national radio board:
Nothing will change in LA. No stations will be sold.
Announcement - Strengthening Audacy
Audacy Reaches Agreement with a Supermajority of its Debtholders on Balance Sheet Deleveraging Transaction that Will Equitize Over 80% of it's Debt
Closing thread. There are plenty of Audacy threads already.
- Status