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Cumulus Media -25% as judge rejects debt refinancing plans

Feb. 24, 2017 2:13 PM ETCumulus Media Inc. (CMLS) StockCMLSBy: Jason Aycock, SA News Editor1 Comment
  • Cumulus Media (NASDAQ:CMLS) is now down 25% and stabilizing a bit after a sudden midday drop following a judge's rejection of the company's refinancing plan.
  • U.S. District Judge Katherine Polk Failla rejected the company's plan to rework $2.4B in debt, which was opposed by some lenders.
  • Cumulus had filed a suit accusing JPMorgan Chase of withholding consent to parts of the plan.
  • The company's market cap is down to $23.5M.

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