Audacy is set to enter talks with two groups of creditors to restructure its $1.9 billion debt. One group of senior lenders has hired law firm Gibson Dunn & Crutcher, while a group of second lien bondholders has hired Akin Gump Strauss Hauer & Feld to represent them in confidential negotiations. Audacy recently executed a reverse stock split to meet the listing requirements of the New York Stock Exchange. The company aims to refinance its debt and optimize its balance sheet to position itself for long-term growth and continue investing in its people, platform, technology, content, and growth initiatives.