Cumulus Media’s Chapter 11


Paul, Weiss advised Cumulus Media Inc., one of the United States’ largest radio station networks, in its successful reorganization under chapter 11.

Under the reorganization plan, which received court approval in May 2018 over creditor objections related to company valuation, Cumulus’ debt was trimmed by more than $1 billion, and term lenders received 83.5 percent of the reorganized company’s equity and $1.3 billion in new term loan debt. Unsecured creditors received the balance of the equity. Cumulus filed for chapter 11 protection in November 2017 and emerged from bankruptcy on June 4, 2018.

The Paul, Weiss team included bankruptcy partners Paul Basta (Picture) and Jacob Adlerstein and counsel Claudia Tobler; litigation partners Susanna Buergel and Lewis Clayton and counsel Jonathan Hurwitz; tax partner David Sicular; corporate partners John Kennedy, Robert Zochowski, Ariel Deckelbaum and Lawrence Wee and counsel Chaim Theil and Bruce Gruder; intellectual property partner Claudine Meredith-Goujon; employee benefits partner Andrew Gaines and counsel Jason Ertel; real estate partner Mitchell Berg; personal representation partner Alan Halperin; and antitrust counsel Marta Kelly.

Involved fees earner: Paul Basta – Paul Weiss Rifkind Wharton & Garrison; Jacob Adlerstein – Paul Weiss Rifkind Wharton & Garrison; Claudia Tobler – Paul Weiss Rifkind Wharton & Garrison; Susanna Buergel – Paul Weiss Rifkind Wharton & Garrison; Lewis Clayton – Paul Weiss Rifkind Wharton & Garrison; Jonathan Hurwitz – Paul Weiss Rifkind Wharton & Garrison; David Sicular – Paul Weiss Rifkind Wharton & Garrison; John Kennedy – Paul Weiss Rifkind Wharton & Garrison; Robert Zochowski – Paul Weiss Rifkind Wharton & Garrison; Ariel Deckelbaum – Paul Weiss Rifkind Wharton & Garrison; Lawrence Wee – Paul Weiss Rifkind Wharton & Garrison; Chaim Theil – Paul Weiss Rifkind Wharton & Garrison; Bruce Gruder – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; Andrew Gaines – Paul Weiss Rifkind Wharton & Garrison; Jason Ertel – Paul Weiss Rifkind Wharton & Garrison; Mitchell Berg – Paul Weiss Rifkind Wharton & Garrison; Alan Halperin – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Cumulus Media Inc.;

Author: Ambrogio Visconti