The U.S. Bankruptcy Court for the Southern District of Texas entered an order confirming Cumulus Media Inc.'s Modified Joint Prepackaged Chapter 11 Plan of Reorganization on April 15, 2026. The plan is expected to eliminate approximately $600 million of debt, positioning the company for a stronger financial foundation. Existing equity interests and 510(b) claims (Class 9) will be cancelled, released, discharged, and extinguished without any distribution. Holders of Allowed 2029 Secured Claims (Class 4) will receive a pro rata share of Exit Convertible Notes and 95% of the New Common Stock Equity Distribution. Holders of Allowed Other Funded Debt Claims (Class 5), including 2026 Debt Claims and 2029 Deficiency Claims, will receive a pro rata share of 5% of the New Common Stock Equity Distribution. The company intends to become a private entity, with its new common stock not expected to be listed on any national or foreign securities exchange. Amended and restated employment agreements for President and CEO Mary G. Berner and EVP and CFO Francisco J. Lopez-Balboa were entered into, reducing their base salaries and modifying severance multiples. A Management Incentive Plan (MIP) will reserve 10% of the New Common Stock (fully diluted) for awards to employees and independent directors.