IHeartMedia Hits Ch. 11 To Cut More Than $10B In Debt

16 March, 2018, 02:07 | Author: Salvatore Jensen
  • IHeartMedia Hits Ch. 11 To Cut More Than $10B In Debt

iHeartMedia have reportedly agreed a restructuring deal with investors which hold over $10 billion of the debt to reduce their outstanding bills by half.

Communications giant iHeartMedia has filed for reorganization in a Chapter 11 filing in Bankruptcy Court in Texas.

The company traces its roots to the 1972 purchase of KEEZ-FM in San Antonio, Texas, where it is now headquartered.

The company has filed a series of motions to allow it to continue a "business-as-usual" operation during the transition to Chapter 11 bankruptcy.

Over 14,300 people are employed by the company according to its 2016 annual report. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners.

Last year, a second quarter earnings report showed showed declining revenues as the media company struggled to get out from under the massive debt.

Its most recent proposal would have given holders of secured loans, who are owed almost $13 billion, about $5.6 billion in new debt and 94 percent of the equity in a reorganized iHeartMedia.

The two cases are unique, but both companies face similar challenges in a troubled industry.

Over 850 radio stations in the United States are run by iHeartMedia, as well as a concert wing, music streaming platform and a 90% stake in the billboard division Clear Channel Outdoor.

The company has enough cash to support it through the restructuring effort, officials added.

IHeartMedia has drawn interest from John Malone's Liberty Media Corp, which proposed on February 26 a deal to buy a 40 percent stake in a restructured iHeartMedia for $1.16 billion.

IHeartMedia has maintained that its radio stations remain popular and vital even as it has introduced apps and negotiated new licensing deals meant to control its royalty payments online.



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