Radio Giant Audacy Gets Approval for $32 Million of New Money

Audacy Inc., the radio and podcast company, received approval to start drawing on a $32 million loan to help finance its bankruptcy.

• US Bankruptcy Judge Christopher Lopez gave the approval during a first-day hearing on Monday
• “There’s clearly a need for financing,” he said during the hearing. “The terms are incredibly favorable for the debtor as well”
  • The firm is slated to slash around $1.6 billion of debt, leaving it with $350 million of outstanding liabilities upon emergence, according to court papers
• A drop in advertising revenue during the pandemic hurt the company’s business, Caroline Reckler, an attorney ...