The country’s Financial Supervisory Service is looking into whether Bang broke securities laws by striking profit-sharing deals with three major shareholders.
The ABS is backed by a $5.1-billion catalog featuring songs by Genesis, Phil Collins, R.E.M., Carrie Underwood and Creed.
Kilduff previously served as CFO for non-profit organization, the Gary Sinise Foundation.
A $450 million credit facility, and a previously reported asset-backed securitization, will help “continue our investment into the business and our technology,” said CFO Catrin Drabble.
After fourth-quarter revenue declined 5%, first-quarter revenue will be down 2% to flat, the company announced Thursday.
Media business layoffs are hitting the music industry, with more to come from Universal Music and perhaps other labels.
"The stakeholders have major investments; it's time," says a former employee.
Facing a decline in revenue and owing $2 billion in debt, the radio company looks to restructure its balance sheet.
In the final week of 2023, the 20-stock music index gained 1.1% to 1,534.07.
The board cautioned investors to use the company's valuation metrics "with a higher degree of caution and less certainty" than normal.
