Audacy CEO David Field addressed company staff in response to Audacy filing for bankruptcy, characterizing it as a “positive step forward.” The restructuring, supported by a supermajority of debtholders, aims to reduce Audacy’s debt from $1.9 billion to about $350 million through a prepackaged Chapter 11 process. Field assured employees of normal operations during the process, emphasizing that wages, benefits, and leadership roles would remain unchanged. He attributed the move to sustained challenges over the past four years but expressed confidence in Audacy’s strengthened position. Field acknowledged the difficulties faced, thanked staff for their commitment, and declared the bankruptcy as the “dawn of a new era” positioning Audacy for future growth and performance.