Clear Channel Outdoor Holdings Inc., a subsidiary of iHeartMedia and one of the world's largest billboard companies, and its units did not commence Chapter 11 proceedings.
"The agreement...allows us to definitively address the more than $20 billion in debt that has burdened our capital structure", iHeartMedia CEO Bob Pittman said in a statement. The deal still needs approval from the court and some holdout creditors, and the company could hear again from John Malone's Liberty Media, which has said it wants a stake in the reorganized media giant. While cash has run short, iHeart said there's enough on hand, along with what it can earn from operations, to keep the business going, cutting the need for expensive new bankruptcy loans.
In Boston, iHeartMedia Inc. owns WBZ NewsRadio 1030, WRKO AM680, KISS 108, and several other stations.
After four extensions to a Forbearance agreement that would have put the company into default after skipping a $106 million interest payment, iHeartMedia has announced that it has reached an agreement with holders of more than $10 billion of its outstanding debt.
Erdogan censures North Atlantic Treaty Organisation for not helpimg in Turkey's Syria operations
The military intervention came after the USA said it would set up a 30,000-strong militant border force at Turkish doorstep. On Jan. 20, Turkey launched Operation Olive Branch to clear YPG/PKK-Daesh terrorists from Afrin , northwestern Syria.
At least 2 dead, 1 rescued in helicopter crash
The skies over NY constantly buzz with helicopters carrying tourists, businesspeople, traffic reporters, medical teams and others. The other hit the water shortly after takeoff on a sightseeing flight, injuring six tourists and the pilot.
PM Modi for concessional financing of solar projects
India, he said, would give $1.4 billion in aid to 15 other developing nations for 27 more solar projects. The prime minister stressed on the need to make the ISA secretariat "strong and professional".
The two private equity firms were the leads in the leverage buyout of $17.9 billion from what was at the time Clear Channel Communications in 2008, at a time when the buyout boom had started to fade and as signs of the soon to hit financial crisis were beginning to emerge.
The filing comes after John Malone's Liberty Media Corp. proposed on February 26 a deal to buy a 40 percent stake in a restructured iHeartMedia for $1.16 billion, uniting the company with Liberty's Sirius XM Holdings Inc. satellite radio service.
iHeartMedia holdings include 850 iHeartRadio stations, the iHeart streaming service, live events and 129 million social followers. They have now confirmed they are filing for Chapter 11 bankruptcy.
Equity stakes had been a key sticking point in recent talks, with creditors demanding nearly all of iHeart and 100 percent of its healthy Clear Channel unit. The heavy debt was a drag on those efforts, draining $1.4 billion a year in interest payments, according to Coleman. In public term sheets, the equity holders offered a pre-packaged bankruptcy under which the creditors would get 89.5% of the equity. Spotify, which recently filed for an initial public offering, said Thursday that its shares would begin trading on the New York Stock Exchange around April 3. The current attempt at an accord followed at least a dozen debt revisions over the past decade.