US Bankruptcy Chapter 11 Insolvency SEC Filings — April 17, 2026

Disclosure statement for prepackaged Chapter 11 with >75% support on RCF Claims (Class B3), >55% on QVC Notes (B4), >45% on LINTA Notes (C3), but no financial metrics signal maximized estate value via restructuring

Chapter 11 commencement triggers $2.9B credit, $2.15B senior notes, $1.5B debentures acceleration (total ~$6.55B), equity interests cancelled with no shareholder distributions

Expected emergence in ~90 days from April 16, 2026 petition as debtors-in-possession, paying unsecured claims in full, but trading highly speculative post-filing

Secured Bankruptcy Court approval for prepackaged Chapter 11 plan to eliminate ~$600M debt, smallest debt burden vs QVC's $6.55B (77% less), improving flexibility

Continues normal operations reaching 250M people monthly via audio, operational metrics stable amid restructuring vs full halts elsewhere

Board-approved Assignment for Benefit of Creditors on April 14, 2026, transferring all assets to assignee, no forward continuity or metrics disclosed

Joint cases in Southern District of Texas (Houston), popular venue for prepacks (3/4 filings here), but equity delisting for 2067/2068 Notes expected

Mixed sentiment as court approval flags deleveraging success vs peers' ongoing solicitations, relative outperformance in speed to confirmation

Automatic Stay halts debt enforcement, but restructuring support agreement locks in plan, no capital allocation (dividends/buybacks) amid distress

Florida Chapter 727 proceeding petition by April 17, 2026, state-law alternative to federal Ch11, faster liquidation but zero recovery implied for equity

No insider trading activity disclosed in filings, lack of buys signals zero management conviction pre-bankruptcy

No guidance changes but post-approval emergence pending FCC, outperforms QVC on debt scale ($600M vs $6.55B) and approval status

Confirmation not assured, subject to court approval and conditions despite creditor votes; risks inherent in proceedings

$6.55B total accelerated borrowings/notes/debentures on petition date, massive leverage vs Cumulus $600M (10x larger)

Shareholder interests cancelled with no distributions, trading speculative post-filing

Emergence pending FCC approval post-court nod, potential delay vs QVC's 90-day target

Full asset transfer via Assignment, no operational metrics or continuity, petition imminent April 17

Expected delisting of 2067/2068 Notes from NYSE, liquidity evaporation

3/4 negative sentiment (QVC Group, QVC Inc, Marizyme), mixed only for Cumulus; no YoY/QoQ improvements disclosed

Zero dividends/buybacks/splits amid distress, full focus on creditor recovery

State-law ABC vs federal Ch11 (3/4 peers), potentially lower creditor recoveries, no enriched financial ratios

$600M debt cut via approved prepack plan, relative undervaluation vs QVC's larger burden, potential reorg equity upside post-FCC

~90-day timeline from April 16, 2026, as DIP paying claims full, catalyst for creditor claims trading if accessible

Reaches 250M monthly via audio, stable ops during restructuring vs asset sales elsewhere

High vote thresholds met (>75% RCF, >55% Notes), low confirmation risk for plan maximizing value

Equity cancellation confirmed, speculative trading offers short alpha pre-delisting

Pending approval post-court win, fastest path to delevered balance sheet in stream

Assets to assignee Peter Hurwitz, monitor Florida court for creditor/distressed asset bids April 17+

Kroll site for QVC, Cumulus site live; track vote progress/solicitation for relative claim values

4 insolvencies signal distress, no insider buys across filings, portfolio short basket on bankrupt names

Mixed sentiment outlier with court approval, $600M deleveraging vs peers' ongoing processes

3/4 filings prepackaged (QVC Group/ Inc, Cumulus) with court approvals/votes in progress, enabling ~90-day emergence vs traditional 6-18 months; favors quick creditor recoveries over prolonged equity pain

3/4 cases in U.S. Bankruptcy Court Southern District of Texas (Houston), venue trend for media/consumer restructurings implying efficient processes

Aggregate ~$7.15B accelerated debt (QVC $6.55B dominates 92%), highlights leverage as insolvency trigger absent YoY trends; equity wipeouts standard

QVC explicitly cancels shares, implied for others; no capital returns (dividends/buybacks zero), full shift to creditor focus

Cumulus stable ops (250M reach) vs Marizyme liquidation; prepacks (3/4) allow DIP operations, minimizing disruption

High vote supports (up to 75%) and full unsecured payments (QVC) prioritize claims; no insider activity signals management exit risk

Monitor vote solicitation progress and court confirmation hearing via Kroll site, post-April 17 updates critical [TBD 2026]

Track ~90-day emergence from April 16, 2026 petition (~July 15, 2026), delisting of 2067/2068 Notes [~July 2026]

Pending FCC decision post-court approval for plan effectiveness, key to deleveraging $600M debt [Near-term post-April 17]

Assignment petition filing in Palm Beach County Circuit Court by April 17, 2026, watch asset liquidation sales [April 17, 2026]

No trades disclosed; monitor Form 4s for post-filing sales/pledges signaling conviction [Ongoing]

Updates at www.cumulus.com/restructuring for plan progress, operational metrics [Ongoing]

No forward metrics yet; watch 8-Ks for emergence guidance, debt paydown details [Next 90 days]

Monitor creditor challenges to stay on $6.55B debts [Immediate post-April 17]