February 24, 2017 / 6:12 PM / 7 months ago

Cumulus Media refinancing plan rejected by U.S. judge

NEW YORK, Feb 24 (Reuters) - A U.S. judge on Friday rejected Cumulus Media Inc’s bid to proceed with a refinancing plan opposed by some lenders, and which the second-largest U.S. radio network hoped would help reduce its $2.4 billion debt load.

The decision by U.S. District Judge Katherine Polk Failla in Manhattan came in a lawsuit the Atlanta-based company filed in December, accusing JPMorgan Chase & Co of withholding consent to parts of its refinancing plan. (Reporting by Nate Raymond in New York; Editing by Chris Reese)

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