While radio bankruptcies rarely get much media attention, Audacy’s did after word of the involvement of progressive billionaire George Soros became known. Under the plan, his Soros Fund Management will provide approximately $415 million of Audacy’s debt, which would make his Soros Fund the largest stakeholder of the second-largest radio company in the U.S. when it emerges from Chapter 11 reorganization.
According to bankruptcy court filings, Soros has assumed anywhere from 40% to more than half of the estimated $745 million of senior debt, out of the $1.9 billion owed by Audacy. That debt will be converted into an equity stake in the company post-bankruptcy. It means that Soros would be a major shareholder, but he wouldn’t become “the owner” of Audacy as some critics have complained. And no station licenses would be held by Soros or his fund.
To get through the bankruptcy process as quickly as it could, Audacy set up the transaction in a way that would allow the restructuring to be completed and maintain short-term compliance with the foreign ownership limits until it secures approval from the FCC to have indirect foreign ownership of more than 25% — a process that can take up to a year to complete. Audacy’s alternative plan is to use special warrants that will not convert to equity until the government signs off.
FCC approves George Soros' control of Audacity
FCC approves George Soros' control of Audacity
OH BOY
For Kristian Trumpers are not serving our Lord Christ, but their own appetites. By smooth talk and flattery they deceive the minds of naive people.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.