Audacy has officially filed for Chapter 11 bankruptcy, following a significant restructuring agreement with debtholders. The filing, made with the U.S. Bankruptcy Court for the Southern District of Texas, is part of a plan to reduce debt from $1.9 billion to around $350 million. A supermajority of debtholders supports the restructuring. Audacy secured $57 million in debtor-in-possession financing for ongoing operations. Trading of Audacy common stock will continue during the Chapter 11 process, but these shares are expected to be canceled without distribution. Audacy President and CEO David Field attributes the move to sustained challenges in the traditional advertising market, expressing confidence in Audacy’s emergence with a strong capital structure.