The bankruptcy plan will see the debt holders finance the company through the Chapter 11 proceedings and take ownership of the company afterwards.
There is no good end to this.
"Take ownership of the company afterwards"
Debt holders are not in the business to run companies, grow them into the future. They want to get paid. Audacy will be a much smaller company or non existent after the fire sale.
Drunken sailors will walk away with parachute bonuses and make excuses that Covid and the economy wrecked them. The creditor stockholders and Audacy employees will pay the ultimate tough price on this.
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