ANOTHER round of layoffs in July coinciding with a $2 bil. loan payment.
Can you post a reference that shows this due date? They did a refinance on their debt so the $2 billion is now due in 2014.
That's not to say they won't lay more people off. They're still absorbing staff from the Metro Traffic merger. And they were hit hard by the Rush advertiser boycott. If it cost Cumulus $2-4 million, the cost to CC was greater.
Regarding selling smaller markets, there's a glut of stations right now, caused by the Cumulus-Citadel merger. And a shortage of buyers, caused by the bank crisis. Have you tried to apply for a loan lately?
CC got into this situation by going private. Rather than remain a public company, subject to the whims of Wall Street, they bought up all their stock and went private. The likely solution will be to go public again. But not until their reposition the company as one that's worthy of investment. That's going to take a while.