After much speculation, Audacy filed for Chapter 11 bankruptcy Sunday after agreeing to a prepackaged deal with its debtholders. While the conditions certainly aren’t ideal, Audacy CEO David Field made an attempt to assuage concerns for employees in an internal memo Monday.
“Today marks the dawn of a new era for Audacy with a robust balance sheet that will facilitate our future growth and performance,” Field wrote in a memo to staffers, according to RadioInk. “I fully recognize that this has been a difficult period as we have coped with a long stretch of challenges and uncertainty.”
In the memo, Field noted that other companies like iHeartMedia and Cumulus have found themselves in similar situations in recent years, and have weathered those storms.
He added that the company will “operate normally during this process. There will be no disruption to your wages and benefits. Our current leadership team will continue to lead the Company and day-to-day roles and responsibilities will not change.”
Field thanked employees for the “extraordinary commitment and resilience you have demonstrated through the turbulence as we have remained diligently focused on delivering the best experience for our listeners and advertisers.”
He concluded by asking staffers to “maintain your focus on serving our customers as we transition and look forward to capitalizing on our opportunities and to better times ahead.”
