iHeartMedia Triggers 30 Day Clock On Restructuring Or Bankruptcy

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  • #22333
    ZLoth
    ZLoth
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    You know that I can’t resist posting about everybuddy’s fffaaavvvooorrrriiiitttteeee mega-radio assimilating conglomeration.

    From RadioInsight:

    iHeartMedia Triggers 30 Day Clock On Restructuring Or Bankruptcy

    Similar to what Cumulus Media did prior to filing for bankruptcy, iHeartMedia subsidiary iHeartCommunications has elected to not make a $106 million interest payment due today.

    The move triggers a 30 day grace period upon which iHeart can make the payment and not come into default, however it was done to force a deadline with its lenders to come to a restructuring agreement. iHeart now has until March 3 to come to a restructuring agreement with its debt holders to push back upcoming payments or eliminate as much of its $20 Billion in debt as possible. Otherwise the company will be in default and lenders can begin seizing collateral or assets to recoup the money owed. That would lead to iHeart filing for Chapter 11 bankruptcy just as Cumulus Media did in November as part of a deal with many of its lenders to convert their debt into equity in the restructured company.

    FULL ARTICLE HERE


    “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

    #22334
    Earl
    Earl
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    iHeartLivingEntirelyOnDebt

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