In a recent development, radio and podcast titan Audacy Inc (OTC:AUDA) has applied for Chapter 11 bankruptcy protection. This move comes in the wake of a notable slump in the company’s advertising revenues. What Happened: The Philadelphia-based broadcasting firm unveiled an extensive restructuring plan on Sunday. The initiative aims to cut down about 80% of its massive $1.9 billion in debt, bringing it to approximately $350 million, as per a report by MarketWatch. David J. Field, Audacy’s Chief Executive, attributed the company’s financial struggles to “prolonged macroeconomic challenges over …