Owner of seven Valley radio stations files Chapter 11 bankruptcy - WFMJ.com News weather sports for Youngstown-Warren Ohio

Owner of seven Valley radio stations files Chapter 11 bankruptcy

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ATLANTA -

A company that owns and operates 446 radio stations around the country, including seven here in the valley, has filed Chapter 11 bankruptcy.

Cumulus Media filed the bankruptcy petition in New York on Monday, seeking time to carry out a plan to reduce the corporate debt by $1 billion.

According to papers filed in court, Cumulus estimates both its assets and liabilities between $1 billion and $10 billion.

Cumulus radio stations in the Youngstown Market includes WPIC-AM, WHOT-FM, WQXK-FM, WWIZ-FM, WLLF-FM, WBBW-AM, and WYFM-FM.

The company says it expects operations, programming, and sales to continue as normal throughout the restructuring process.

The company says in a news release to investors that it has ample cash on hand, combined with funds generated from ongoing operations, to support the business during the financial restructuring process, and as a result, it does not intend to seek additional financing.

The Cumulus bankruptcy petition may be read here

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