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Takeaways From Cumulus Media Refinancing Ruling

Law360, New York (May 8, 2017, 11:57 AM EDT) -- A recent decision by the U.S. District Court for the Southern District of New York in Cumulus Media Holdings Inc. v. JPMorgan Chase Bank NA (SDNY Feb. 24, 2017) found that a proposed refinancing that was consented to by the company’s revolving credit lenders nevertheless violated the negative covenants in the company’s credit agreement.

The Proceedings

Cumulus had proposed a series of transactions that would have resulted in the exchange of $610 million of its senior notes due 2019 for $305 million of new debt under its revolving credit facility. More specifically, the company proposed that (1) the existing lenders under...

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