We at Distressed Debt 1 LP, and Durig Fixed Income 2, would like to present an explanation of the underlying issue with Cumulus Media (CMLS) current restructuring proposal, as we see it. First let’s get an understanding of its valuation. Last quarter’s EBITDA for Cumulus Media was reported at $61.8 million. Radio media companies historically trade above ten times EBITDA, especially for those growing profits. Since the new management has been involved, the company’s bottom line is growing. So, we will use a simple 10x’s multiple. As the run rate of last quarter’s EBITDA was $61.8 million, multiplying times 4 quarters, times ten, gives an enterprise valuation estimate of around $2,472 million. There are two debt issues outstanding, the first being $1,728 million in notes, and the other being $610 Read More …
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We are pleased to see that Rolta (NSE:ROLTA) has reported steady and improving profits, as well as free cash flow, when comparing its year over year numbers. We welcome this continued vigilance, but the company’s absurd proposal to their bondholders in regard to a debt restructuring is a wanton disregard for their (bondholders) senior claim on company assets, and should be NOT be taken.