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Iheart media is broke as fuck! 😂😂😂

Dlbiininja

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Iheart media is broke as fuck! 😂😂😂
« on: October 28, 2017, 03:42:43 PM »
https://www.wsj.com/articles/iheartmedia-discloses-wide-gulf-in-talks-with-creditors-1509052641


"IHeartMedia Inc. and a key group of bondholders and lenders appear to still be far apart over how to restructure $15.5 billion in debt owed by the nation’s largest radio station network, according to the company’s disclosures on the talks released Thursday.

A key difference between the company’s proposal and one put forward by a group of bondholders, led by Franklin Resources and represented by PJT Partners Inc. and Jones Day, is that the Franklin-led group wants the company to file a so-called prepackaged bankruptcy plan. Under the plan, senior bondholders and term loan lenders would get the lion’s share of shares in both the radio business and the company’s valuable Clear Channel Outdoor Holding Inc. billboard unit.

IHeart, which is trying to avoid a bankruptcy case, has countered with a proposal to restructure $15.5 billion of debt out of court, with iHeartMedia’s junior bondholders and private equity owners Bain Capital and Thomas H. Lee Partners retaining over 50% of equity in iHeartMedia and 30% of the equity iHeartMedia currently owns in Clear Channel. Under the company’s proposal, its senior bondholders and term loan lenders, including the Franklin-led group, would get the rest of the equity in iHeartMedia and Clear Channel. iHeartMedia owns 80% of the shares in publicly traded Clear Channel."

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