December 3, 2017 at 9:47 pm #21888
iHeartMedia Owners Willing to Give Up Vast Majority of the Company
IHeartMedia, the nation’s largest radio conglomerate, has been seeking all year to avoid bankruptcy by renegotiating more than $15 billion of its debt. But the company has had no luck enticing its creditors to take a haircut and defer repayment in exchange for up to 49% of the company’s equity.
The equity holders — Thomas H. Lee Partners and Bain Capital — conceded on Thursday that they are now willing to accept a deal in which they would give up the vast majority of the company’s equity. In a securities filing, the company disclosed that on Nov. 21, it offered the creditors 87.5% of the equity, as well as 87.5% of the company’s stake in Clear Channel Outdoor, its partially owned billboard subsidiary. The company would issue $7 billion in new debt, with a five to seven-year maturity.
Eyeah. Another mega-media company that needs to fail.
“We’ve never lost an American in space, we’re sure as hell not gonna lose one on my watch! Failure is not an option.” – Gene KranzDecember 4, 2017 at 1:11 am #21889
Hey, government, look what a good idea it was to de-regulate, making it legal for companies to buy up half the radio stations in the country. All those giant companies are folding now. And tell me why we should de-regulate the internet, dismantling net neutrality?March 2, 2018 at 5:45 pm #22545
IHeart Prepares for Bankruptcy as Soon as This Weekend
Embattled IHeartMedia Inc. is circulating documents for a bankruptcy filing that could come as soon as this weekend for the biggest U.S. radio broadcaster.
Advisers to some of iHeart’s senior creditors have been shown bankruptcy papers that would be used on the first day of court proceedings, according to people with knowledge of the matter. Despite a year of negotiations on a restructuring plan, a formal support agreement still isn’t in place with the most-senior lenders, and the creditors aren’t in restricted talks with the company, said the people, who asked not to be identified discussing private negotiations. Creditors typically agree to restrict some of their activities in exchange for non-public information when talks heat up.
“We’ve never lost an American in space, we’re sure as hell not gonna lose one on my watch! Failure is not an option.” – Gene Kranz
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