Cumulus Defaults On Interest Payment For Notes, 30-Day Grace Period Starts Today

CUMULUS MEDIA INC. has informed the SEC that it will miss TODAY’s interest payment due of about $23.6 million on subsidiary CUMULUS MEDIA HOLDINGS INC.’s 7.75% Senior Notes due 2019, a default that triggers a 30-day grace period that, if payment is not made before the 30 days run out, will in turn lead to an “Event of Default.”

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