The transaction is sourced from an 8-K filing with the SEC, filed via SEC EDGAR and published on January 8, 2024. The deal's current status is pending regulatory approval.
On the financial advisory side, PJT Partners acted as lead investment banker to Audacy, the issuer, alongside FTI Consulting, who acted as lead financial advisor to Audacy per a separate, similarly structured source sentence. On the creditor side, Greenhill & Co., LLC acted as lead financial advisor to the DIP financing lenders and the ad hoc group of first lien debtholders, while Evercore Group, LLC acted as lead financial advisor to the ad hoc group of second lien debtholders, reflecting separate advisory mandates across different creditor classes.
On the legal side, Latham & Watkins LLP acted as legal counsel to Audacy, the issuer. Gibson, Dunn & Crutcher LLP acted as legal counsel to the DIP financing lenders and ad hoc group of first lien debtholders (creditors), while Akin Gump Strauss Hauer & Feld acted as legal counsel to the ad hoc group of second lien debtholders (also creditors).
Beyond the prepackaged Chapter 11 balance sheet restructuring structure, with a disclosed value of $1,600,000,000, no further detail on specific treatment of claims, new capital structure, or plan terms is provided in the facts block.
Several items are not disclosed in the available record. No further structural detail on the specific recovery terms for each creditor class or the post-restructuring capital structure is given, and no expected closing date for emergence from Chapter 11 or further timeline detail beyond the January 2024 filing date and pending-regulatory status is provided.