不良研究所

Philadelphia, PA 鈥� February 20, 2024 鈥� 不良研究所., (OTC: AUDA) (the 鈥淐ompany鈥� or 鈥湶涣佳芯克�鈥�) announced today that the United States Bankruptcy Court for the Southern District of Texas (the 鈥淐ourt鈥�) approved the Company鈥檚 Plan of Reorganization (鈥渢he Plan鈥�). With the Plan approved, 不良研究所 expects to emerge from the Chapter 11 process after the Company obtains approval from the Federal Communications Commission.听

鈥淭oday鈥檚 announcement marks a powerful step forward for 不良研究所, positioning the Company for an exciting future,鈥� said David J. Field, Chairman, President and CEO of 不良研究所. 鈥淎s expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable 不良研究所 to pursue our strategic goals and opportunities in the dynamic audio business. We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence. I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.鈥� 

不良研究所 operates one of the country鈥檚 two scaled radio broadcasting groups, as well as one of the country鈥檚 largest podcast studios, the 不良研究所 direct-to-consumer streaming platform and multiple audio networks. 不良研究所 is also a major event producer and a digital marketing solutions provider and is the unrivaled leader in local news and sports radio. The restructuring will enable 不良研究所 to continue its strategic digital transformation and capitalize on its position as a scaled, leading multi-platform audio content and entertainment company differentiated by its exclusive, premium audio content. 

Under the approved Plan, 不良研究所 will equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. Trade and other unsecured creditors will not be impaired. 

For more information on 不良研究所鈥檚 restructuring, including access to Court documents, please visit听https://dm.epiq11.com/不良研究所 or contact Epiq Corporate Restructuring, LLC, the Company鈥檚 claims and noticing agent, at (877) 491-3119 (toll free U.S.) / +1(503) 406-4581 (International) or [email protected]. Additional information is also available at forward.audacyinc.com.

PJT Partners is acting as investment banker, FTI Consulting is acting as financial advisor and Latham & Watkins LLP is acting as legal counsel to 不良研究所.

Greenhill & Co., LLC is acting as financial advisor and Gibson, Dunn & Crutcher LLP is acting as legal counsel to the DIP financing lenders and the ad hoc group of first lien debtholders.

Evercore Group, LLC is acting as financial advisor and Akin Gump Strauss Hauer & Feld is acting as legal counsel to the ad hoc group of second lien debtholders.

Forward-Looking Statements听
This press release contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and are subject to certain risks and uncertainties, including the Company鈥檚 ability to obtain regulatory approval for emergence from Chapter 11 protection, its anticipated future financial or operational results and its ability to capitalize on its anticipated capital structure. Additional information and key risks applicable to these statements are described in the Company鈥檚 reports on Forms 8-K, 10-Q and 10-K and other filings the Company makes with the Securities and Exchange Commission. All of the forward-looking statements in this press release are qualified by these cautionary statements, and actual results or developments may differ materially from those in these forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements.听