WILKES-BARRE, LUZERNE CO. (WOLF) — Cumulus Media, one of the largest radio broadcasting companies in the United States, has filed for Chapter 11 bankruptcy protection as part of a plan to reduce its substantial debt and strengthen its financial footing.

The Atlanta-based company on March 5 initiated prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas, aimed at eliminating roughly $600 million in debt through a restructuring agreement with its lenders. The process is designed to allow Cumulus to reorganize while continuing normal operations.

Under Chapter 11, a company receives protection from creditors while it develops a plan to address its liabilities and remain in business. Cumulus said in its filing that day-to-day operations will not be affected, and that employees, partners and listeners should see no disruption during the bankruptcy process.

“While we have outperformed the market on many of our most important metrics the broader macroeconomic and industry-wide pressures we have faced have remained unrelenting,” Cumulus President and CEO Mary G. Berner said in a statement on the filing. “This agreement represents a major step forward.”

However, RadioWorld, a radio industry publication, reports that Cumulus also seeks to shed several tower sites and studio facilities.

Cumulus owns and operates 394 radio stations across 84 markets nationwide. In Pennsylvania, the company controls multiple stations in the Wilkes-Barre – Scranton market, including WMGS “Magic 93” (92.9 FM), WBHT “Hot 97.1” (97.1 FM), WBSX “97-9 X” (97.9 FM) and WSJR “Cat Country 93.7 & 95.7” — all of which continue broadcasting under the Cumulus banner.

The Chapter 11 filing marks the second time Cumulus has sought bankruptcy protection in recent years as the radio industry navigates ongoing challenges, including shifting listener habits, digital competition and pressures on advertising revenue.

A federal bankruptcy judge will review the restructuring plan in the coming weeks, and the company must also secure regulatory approvals before emerging from bankruptcy.

FOX56 has reached out to Cumulus for comment on the future of the local radio stations.