Audacy Seeks Bankruptcy Court OK To Redeem Its Ownership Stake In BMI
Audacy said in a court filing that it was prepared to sue to prevent the sale of BMI until it resolved outstanding questions regarding its stockholdings in BMI.
On Wednesday, Audacy filled an Emergency Motion with the court seeking authorization to enter into a settlement agreement with BMI and Otis Parent Inc., one of the affiliates of New Mountain Capital. A hearing on the matter is set for Monday, Feb. 5.
Audacy stands to receive roughly $25 million in proceeds from its equity stake in BMI following the acqui…
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