Audacy, Inc., along with its affiliates, filed a joint pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on January 7, 2024. As per the plan filed, dministrative claims, professional fee claims, priority tax claims, statutory fees, other priority claims, other secured claims, general unsecured claims and secured tax claims shall be paid in full in cash. Dip claim shall have such DIP claim be repaid in full in cash or have its pro rata share of dip loans converted into first-out exit term loans.

First lien claims of $852.54 million plus interest with estimated recovery of 49.6% - 68.8% shall receive its pro rata share of the second-out exit term loans; and the first lien claims equity distribution. Second lien notes claims of $1 billion plus interests with estimated recovery of 3.6% - 6.8% will receive, in full and final satisfaction, settlement, discharge and release of, and in exchange for, its allowed second lien notes claim, its pro rata share of the second lien notes claims equity distribution. 510(b) claims and existing parent equity interests shall be cancelled without distribution.

Intercompany claims and intercompany interests shall be reinstated. The plan shall be funded from cash from operations, the dip facility, the exit term loan facility of $275 million, allocation of new common stock and special warrants and the exit securitization program.