http://tinyurl.com/2vpjp8hf
George Soros investment firm is expected to become the largest shareholder of Audacy, the bankrupt owner of WEEI and other Boston radio stations.
Soros Fund Management, founded by the billionaire backer of Democratic politicians and causes, now has more than $414 million of Audacys debt, according to a court filing this week.
The Soros investment firm appeared on a list of Audacys lenders in the filing out of U.S. Bankruptcy Court for the Southern District of Texas. Bloomberg was the first to report on Soros Fund Management and Audacy.
Soros Fund Management, a New York City-based investment manager for certain funds and accounts, has $279.8 million in term loans and $135 million in revolving credit.
The owner of WEEI and other Boston radio stations filed for prepackaged Chapter 11 bankruptcy at the start of the year, as the companys leader blamed a perfect storm of financial challenges sparking a drop of several billion dollars in radio ad spending.
Meanwhile, the company entered into a restructuring agreement with a supermajority of its debtholders.