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Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders.

Posted by WYTZZ95FM <iframe src='https://members.boardhost.com/chicagomediachat/info/user=WYTZZ95FM' width='330' height='300' border=0 style='border:none;'> on October 6, 2023, 7:17 pm

SMH man! AKA, we are in shark infested waters and our life boat is ####ed.

Z

Audacy said Monday that it didn’t make an $18 million loan interest payment that was due Sept. 30 as it continues to negotiate with its lenders. Using the 30-day grace period on its second-lien notes, which mature March 31, 2029, Audacy won’t trigger an event of default under the loan terms and the company retains the right to make the interest payment through the end of the grace period.

In addition to the approximately $1 billion in bonds Audacy owes its second lien lenders, the company has $632.4 million in first lien debt coming due in November 2024.

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Link: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lende

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders.

Posted by John from Wisconsin <iframe src='https://members.boardhost.com/chicagomediachat/info/user=John+from+Wisconsin' width='330' height='300' border=0 style='border:none;'> on October 7, 2023, 9:49 am, in reply to "Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders."

plus, gotta get those Las Vegas AM's on...

https://www.insideradio.com/free/engineering-to-the-rescue-for-two-audacy-ams-in-las-vegas/article_e1d397e2-5bc0-11ee-b72f-7b6f9b150fde.html

Both filed to extend their STAs thru March,2024 then they must return to the air. After being off since March 1,2023. . . will their "audience"
rediscover these two?

Proposed:
720 KDWN 25000/4000
1140 KXST 12000/100

Kinda like getting excited over the EX-Band, AM stereo or FM Quadraphonic! Gulp!

I don't ever remember skipping a car, home payment, credit card bill. But, that's me...I obviously have a lot to learn!

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders.

Posted by WYTZZ95FM <iframe src='https://members.boardhost.com/chicagomediachat/info/user=WYTZZ95FM' width='330' height='300' border=0 style='border:none;'> on October 7, 2023, 10:00 am, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders."

They made a 40 million sale for the property yet missed their payment. Nice. Joke, totally and the joke is on everyone except Audacy.

The move will mean a smaller footprint for KXST, which will no longer reach the Vegas strip, but will cover an area in North Las Vegas.

You see that coverage drop for the 1 AM? LOL. My LORD! Why bother? I have 0 confidence they will build this out as it needs to diplex AND use more than one tower.

Helping out with the plan is that covering the community of license at night is no longer a requirement for an existing licensed AM facility.

The FCC is a bigger joke.

Z

Link: http://www.insideradio.com/app/Images2023/VegasChartOne_SEPT25.jpg

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders.

Posted by JJSPC1372 <iframe src='https://members.boardhost.com/chicagomediachat/info/user=JJSPC1372' width='330' height='300' border=0 style='border:none;'> on October 7, 2023, 8:53 pm, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders."

Those will never see the light of day under Audacy. Just hoping someone comes along fool enough to pay a few bucks for the licenses.

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders.

Posted by WYTZZ95FM <iframe src='https://members.boardhost.com/chicagomediachat/info/user=WYTZZ95FM' width='330' height='300' border=0 style='border:none;'> on October 7, 2023, 10:08 pm, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders."

JJSPC1372, Audacy will never build it, but, you brought up a very interesting point.could this be a paper upgrade to try to sell the outlets for more money?

Z

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders.

Posted by PhilJSmith <iframe src='https://members.boardhost.com/chicagomediachat/info/user=PhilJSmith' width='330' height='300' border=0 style='border:none;'> on October 7, 2023, 10:42 pm, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders."

I always assumed the collapse of terrestrial radio would play out as smaller, lower power stations with local/regional ownership would disappear one by one, leaving only the big signals on the air. It sounds like we could actually see the opposite: Big heritage stations on big sticks going dark as liquidity vanishes, while the rest of the broadcasters stand as far as they can away from the implosion.

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders.

Posted by WYTZZ95FM <iframe src='https://members.boardhost.com/chicagomediachat/info/user=WYTZZ95FM' width='330' height='300' border=0 style='border:none;'> on October 8, 2023, 10:18 am, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders."

Phil, does it matter? The local & regional broadcasters are on the bird and the SSD. Many of them 24/7. 🤷🏻‍♂️

Z

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?

Posted by WYTZZ95FM <iframe src='https://members.boardhost.com/chicagomediachat/info/user=WYTZZ95FM' width='330' height='300' border=0 style='border:none;'> on October 7, 2023, 10:15 pm, in reply to "Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders."

I was speaking to one of my Venture Capitalist friends. She believes Audacy is about to declare bankruptcy. Their stock is worthless. They are loaded with debt. There is no way to rebound especially with an uncertain economy approaching ie: possible recession. Path the (top) creditors will want is liquidation and start selling assets to try to take minimal losses. Audacy will want to renegotiate or BKP reorg. (Prolong the pain so the top executives can rape and pillage some more).

Z

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?

Posted by Hunter <iframe src='https://members.boardhost.com/chicagomediachat/info/user=Hunter' width='330' height='300' border=0 style='border:none;'> on October 10, 2023, 8:20 pm, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?"

I have a question in regard to the Audacy issue.

If this radio company continues to skip loan payments, would the bank/lenders take over?

I'm guessing they aren't interested in programming radio stations in numerous cities. Would the next step simply be to sell enough property to meet the loans plus interest?

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?

Posted by WYTZZ95FM <iframe src='https://members.boardhost.com/chicagomediachat/info/user=WYTZZ95FM' width='330' height='300' border=0 style='border:none;'> on October 10, 2023, 8:24 pm, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?"

Would the next step simply be to sell enough property to meet the loans plus interest?

Sell en mass to someone else. (That is not easy and most radio companies are in the shitter with no spare money or even equity). It would be a total selloff if it came to that point. Liquidation will NOT meet the obligations they have signed to. You also need to consider that they have other creditors too. This is their biggest one. So there will be a lot of people in line with their hand out.

Z

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?

Posted by PhilJSmith <iframe src='https://members.boardhost.com/chicagomediachat/info/user=PhilJSmith' width='330' height='300' border=0 style='border:none;'> on October 12, 2023, 10:54 pm, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?"

At some point down the line though, don’t you think a buyer is going to exercise selling off clusters, or an entire sets of high value properties, for liquidation? Kind of like what’s happening with the last few Shortwave and Longwave holdouts… Those owners are literally the last in line to keep the transmitters on. They have nobody to sell to who wants to operate a radio station with a few thousand listeners worldwide and no revenue.

Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?

Posted by WYTZZ95FM <iframe src='https://members.boardhost.com/chicagomediachat/info/user=WYTZZ95FM' width='330' height='300' border=0 style='border:none;'> on October 13, 2023, 11:11 am, in reply to "Re: Audacy Skips $18 Million Loan Payment To ‘Facilitate” Talks With Lenders - Ready for Bankruptcy?"

At some point down the line though, don’t you think a buyer is going to exercise selling off clusters, or an entire sets of high value properties, for liquidation?

Hi Phil, good point, But, why would they when they are feeding off of the tit? All the top end are milking it, will then BKP when he milk stops flowing, stick it to the plebes and the economy and the listeners.

If they wanted to, I do not think it is easily done. Their stock is in the toilet. To sell is more desperation. They will rattle the debt holders. (Where will the proceeds of the sales go to, who first? Will it be divided? will the Brass milk on it again?) Lot of notes (debt) can be recalled immediately by banks, so selling off piecemeal might trigger it. Also, who is there to buy? Will banks finance this? Will the selling price be even close to the purchase price? -- way too many variables.

🎪 man!

Z

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