Audacy, Inc. (OTC: AUDA), a prominent player in the radio broadcasting and podcasting industry, has announced a significant development in its restructuring process. The United States Bankruptcy Court for the Southern District of Texas has approved Audacy’s Plan of Reorganization, paving the way for the company to emerge from Chapter 11 bankruptcy after receiving approval from the Federal Communications Commission.

David J. Field, Chairman, President, and CEO of Audacy, expressed enthusiasm about the approval, calling it a “powerful step forward” for the company. He highlighted the speedy confirmation of the prepackaged Plan, which will enable Audacy to pursue its strategic goals and opportunities in the dynamic audio business. Field also praised the company’s team for their outstanding work in serving listeners and customers.

The restructuring plan will see Audacy equitize approximately $1.6 billion of funded debt, reducing it by 80% to approximately $350 million. Importantly, trade and other unsecured creditors will not be impaired as part of the approved Plan.

Additionally, George Soros’ investment firm is set to become the largest shareholder of Audacy as part of the reorganization plan. Soros Fund Management, known for its support of Democratic politicians and causes, holds more than $414 million of Audacy’s debt. The plan will cut more than $1.6 billion of Audacy’s debt, providing the company with a robust capital structure as it emerges from bankruptcy.

Audacy operates radio broadcasting groups, a podcast studio, a direct-to-consumer streaming platform, and multiple audio networks. The company is also involved in event production and digital marketing solutions, and is a leader in local news and sports radio. The restructuring will allow Audacy to continue its strategic digital transformation and capitalize on its position as a leading multi-platform audio content and entertainment company.