Three media companies are now at high risk of bankruptcy after an ‘LTD Score’ lit up the warning signs that lead to a Chapter 11.
“Three of the companies at the top of Debtwire’s Likely to Distress (LTD) rankings – CommScope Holdings, Cumulus Media, and EchoStar Group – are in the communications, media & entertainment sector, which has seen a spike in restructuring activity in the last year and a half,” Debtwire’s Global Head of Legal Restructuring, Sarah Foss shared.
“A company with a score of 99 is one that we expect to file or enter into an out-of-court restructuring imminently.
The score doesn’t predict the exact date or time before filing, but it’s meant to show that we consider it only a matter of time,” she added.
And the three media companies all scored a 99 on its LTD score.
Debtwire research shows that 19 companies in the media and telecommunications space sought bankruptcy protection in U.S. courts in 2023, while another five have filed for bankruptcy protection so far this year.
“The LTD Score provides a precise outlook on the likelihood of stress, distress, or restructuring for corporate issuers,” Debtwire added.
Perhaps the best-known brand on the list, Cumulus Media operates radio stations and syndicated radio content, reports TheStreet.
“Cumulus Media is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 401 owned-and-operated radio stations across 85 markets,” the company shared on its website.
It also offers syndicated programming to over 9,800 affiliated stations through Westwood One, the largest audio network in America, and Cumulus owns a large podcast network.
EchoStar offers satellite programming and now owns the Dish Network satellite television brand as well as Hughesnet satellite internet service.
The company also operates the Boost Mobile phone service.
“CommScope Holding, the least-known brand on this list, works in the background, so it’s not a company that most people will know.
Even its own description of itself does not make it all that clear what it does,” reports TheStreet.
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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A popular Italian restaurant now announces an unexpected closure after nine years in business, according to an email sent to customers.
Italian Eatery, located in south Minneapolis, Minnesota, told its long-time customers that it planned to shut its doors.
The beloved restaurant, also known as ie, also plans to close its sister restaurant un dito, known for its Sicilian seaside street food, per The US Sun.
They have not announced a closing date but are expected to close between late May and mid-June, according to Bring Me The News.
“As we prepare to close our doors at ie and un dito, we’d like to extend a heartfelt invitation for you to join us for our final months of service,” an email to customers from Carrara $ Co. read.
“Gather with us at the table and let us reminisce over the incredible memories we’ve created together and cherish the moments shared over the past nine years.”
Italian Eatery has been a popular spot since its opening in 2016 and is known for its full-service drinks and dining near Lake Nokomis.
Un dito is a 400-square-foot space that specializes in sips and snacks or afternoon gatherings like you would see in Italy, according to its website.
The restaurant’s “Last Supper” reservations will be released every week and shared in weekly newsletters, according to its website.
“As always, we will continue to reserve walk-in tables at both ie + un dito for our beloved neighborhood,” the announcement read, according to the outlet.
Carrara & Co. also owns due, a focacceria and Italian market in St. Paul, Minnesota that the company calls “Italian Eatery’s spawn, aka quirky little brother,” according to its website.
Despite the Minneapolis closures, due will remain open.
“I’m pleased to inform you that all other Carrara & Co operations remain unaffected, including Due Focacceria, and we are even expanding our services,” according to a statement, reported by NBC affiliate KARE.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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