The owner of several Bloomington-Normal radio stations filed for bankruptcy Wednesday as part of a restructuring plan to reduce the company’s debt.
Cumulus Media filed for its Chapter 11 reorganization Wednesday in New York. The company owns Radio Bloomington, which includes news-and-talk station WJBC AM 1230 and music stations WBNQ 101.5 FM, WBWN B-104, Nash Icon 93.7 FM, and WJEZ Classic Hits 98.9 FM.
Cumulus has 446 owned-and-operated stations broadcasting in 90 U.S. markets. Company officials say they expect “all operations, programming and sales to continue as normal throughout this restructuring process.” The company has “ample cash on hand,” it said in a statement.
"The actions we are taking today to address our balance sheet are a critical step forward for Cumulus,” Mary Berner, president and CEO of Cumulus, said in a statement. “We will use this restructuring process to relieve the financial constraints on our continued progress, allowing us to focus our resources on investing in our business and people to strengthen our competitiveness and ultimately drive growth.”
Cumulus, based in Atlanta, Georgia, is one of the largest radio companies in the U.S.
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