The Wall Street Journal reports that Audacy is preparing to begin discussions with their creditors to begin restructuring the company’s $1.9 billion of debt.
The report states that lawyers representing two different groups of creditors have recently signed nondisclosure agreements to begin negotiations over the debut due to the company’s struggles with declining advertising revenue.
Following its 30-for-1 reverse stock split at the end of June to initiate compliance with the New York Stock Exchange, the report did damage to the company’s stock price. Audacy’s stock fell from $1.80 per share at closing on Monday, July 10 to $1.20 as of 11:00am on Tuesday before rising to $1.40 .