Wednesday, July 11, 2018

Vertical Bridge Says It’s Still Owed for Cumulus Tower Leases

While Cumulus Media emerged from Chapter 11 bankruptcy on June 4, with $1 billion less debt on its balance sheet, some creditors claim they are still owed money. Vertical Bridge tells the U.S. Bankruptcy Court for the Southern District of New York it’s still owed several thousands of dollars for unexpired tower leases.

In an objection to “Debtor’s Second Notice of Satisfaction of Claims,” filed by CM WIND DOWN TOPCO, INC. and its affiliates, Vertical Bridge told the court: “The Debtors represent they have paid the ‘cure’ necessary to assume certain leases and therefore the claims or scheduled amounts identified should be expunged.” But the towerco says regarding its radio tower leases, the “cure” has not been paid and the relief sought by the Debtors should not be granted. Continue Reading

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