The Wall Street Journal is reporting that Audacy has reached an agreement with its senior lenders for a prepackaged Chapter 11 bankruptcy plan set to be filed in the next couple of weeks.
Audacy has been in negotiations with its lenders since skipping on its debt payments due at the end of September while in a grace period for payment. The bankruptcy plan will see the debt holders finance the company through the Chapter 11 proceedings and take ownership of the company afterwards.