Anything is possible, but they need the stations to run and sell the ads to raise the cash to pay for the loans. Their Knoxville stations are some of their most profitable.
Cumulus has been selling off tower properties, real estate, and other assets. The FCC licenses/radio frequencies are most of the value that remains... they're worth far less than the amount of the outstanding debt. IMO, the owners of the debt will ultimately own the stations. The public shareholders will get nothing.
The stations with positive cash flow will not disappear. Most of those that aren't have most likely already been dismantled with the pieces sold off. Cumulus probably will probably disappear, but most of the stations will never go silent for more than a very short period of time to change out management, staff, and some formats. Actually most of the people probably stay on board under new ownership and their paychecks will just come from a different company. But the new company gets to tear up all of the employment contracts and start fresh. On air staff that's been around for years or decades will possibly move on or work for a lot less compensation. A lot of them have already moved on.
I suspect that Andy and Allison's contracts are coming up for renewal, they were offered considerably less, and they're parting ways instead of agreeing to continue for substantially reduced terms. That's purely speculation by me though... just an educated guess.
Watch for Lew Dickey try to buy some or all of the Cumulus stations in a year or two through his blank check company.
