Benzinga | Apr 8, 2021 04:24PM EDT

Clear Channel Outdoor 8-K Shows Co. Revised Int'l. Restructuring Plan To Reflect Delays In Implementing Europe Portion Of Plan, Added Headcount Reductions In Europe

On April 6, 2021, the Company revised the international restructuring plan to reflect delays in implementing the Europe portion of the plan and additional headcount reductions in Europe. As revised, the Company estimates that total charges for the Europe portion of the international restructuring plan, which includes charges already incurred, will be in a range of approximately $51 million to $56 million, all of which is expected to result in cash expenditures. It is anticipated that the international restructuring plan will be substantially complete by the end of the first quarter of 2023. The restructuring charges will consist primarily of termination benefits (including severance) and other associated costs. As revised, the Company expects the Europe portion of the international restructuring plan to result in pre-tax annual cost savings in excess of $28 million.

The restructuring charges described above are preliminary estimates and actual amounts may be materially different from these estimates. There is no guarantee that the Company will achieve the cost savings that it expects. The Company may also incur additional charges or future cash expenditures not currently contemplated due to events that may occur as a result of, or that are associated with, the international restructuring plan or related activities to address the impact of the COVID-19 pandemic on the Company's business.