Radio Giant Audacy Gets Court Approval to Emerge from Bankruptcy

Radio and podcast company Audacy Inc. received court approval on Tuesday to emerge from bankruptcy and hand ownership to creditors including Soros Fund Management.

Audacy — the second-largest radio broadcaster in the US — will slash nearly $1.7 billion of debt from its balance sheet through its restructuring plan, according to court papers. Existing shareholders will be wiped out while high-ranking creditors, including the investment firm founded by billionaire George Soros, will be repaid with stock in the restructured company.

Audacy’s bankruptcy plan was unanimously approved by the company’s senior lenders, according to Caroline Reckler, an ...