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"We are moving to a normal capital structure where everyone has stock," he wrote in a letter to staff that was shared on the OpenAI website.

The American casual restaurant chain TGI Fridays filed for Chapter 11 bankruptcy protection on Saturday, citing a flawed capital structure and joining a host of its peers that have struggled this year in the face of rising everyday prices and changing consumer trends.

“This agreement is a significant step forward in addressing Joann’s capital structure needs,” Scott Sekella, chief financial officer and colead of the interim office of the CEO, said in the statement.

“With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business.”

"Our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits."