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U.S. Trustee Objects To Cumulus

A U.S. trustee is urging a New York bankruptcy judge to reject the disclosure statement submitted as part of Cumulus' bankruptcy plan because it doesn't adequately address the interests of creditors, among other reasons. According to Law360, the filing warns that the plan in its current form "would impose on some creditors nonconsensual prohibitions to bring litigation against third parties without adequate explanation." The trustee details five specific objections. Cumulus filed for Chapter 11 bankruptcy in November. More here.