Results 1 to 2 of 2
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
03-15-2018, 07:07 PM #1
Largest US radio company iHeartMedia files for bankruptcy (858 stations) 14,300 jobs
Largest US radio company iHeartMedia files for bankruptcy
- iHeartMedia reaches in-principle agreement with some creditors
- Says Clear Channel Outdoor Holdings unit not part of bankruptcy
- Stock closed at 48 cents on Wednesday
Published 15 Hours Ago Updated 7 Hours Ago Reuters
Largest US radio company iHeartMedia files for bankruptcy 8 Hours Ago | 00:50
IHeartMedia Inc filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an in-principle agreement with creditors to restructure its overwhelming debt load.
The company, which filed for bankruptcy along with some of its units, said it reached the agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which would reduce its debt by more than $10 billion.
IHeartMedia, which has struggled with $20 billion of debt and falling revenue at its 858 radio stations, said cash on hand and cash generated from ongoing operations will be sufficient to fund the business during the bankruptcy process.
"The agreement ... is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure," Chief Executive Bob Pittman said.
The filing comes after John Malone's Liberty Media proposed on Feb. 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 satellite radio service.
Clear Channel Outdoor, a subsidiary of iHeartMedia and one of the world's largest billboard companies, and its units did not commence Chapter 11 proceedings.
IHeartMedia skipped a $106 million interest payment on Feb. 1, triggering a 30-day grace period during which the company has tried to hammer out a deal with it bondholders.
Faber Report: Big buyouts, big bankruptcies 8 Hours Ago | 03:37
The company disclosed on Monday it was still exchanging proposals with its creditors, but had yet to reach an agreement.
Its most recent proposal would have given holders of secured loans, who are owed nearly $13 billion, about $5.6 billion in new debt and 94 percent of the equity in a reorganized iHeartMedia. These creditors also would have received iHeartMedia's 89.5 percent stake in Clear Channel Outdoor Holdings.
Bain Capital and Thomas H. Lee Partners control 68 percent of the voting stock of iHeartMedia, according to the company's most recent annual report.
The private equity firms led a $17.9 billion leveraged buyout of what was then Clear Channel Communications Inc in 2008, just as the buyout boom was fading and as the signs of the financial crisis began to emerge.
Shares of iHeartMedia lost three-quarters of their value in the second half of 2015 and have never recovered since then. On Monday, the pink sheet stock closed at 48 cents.
IHeartMedia traces its roots to the 1972 purchase of KEEZ-FM in San Antonio, Texas, where it is currently headquartered. It also produces syndicated radio programs that feature "American Idol" host Ryan Seacrest and political personalities Rush Limbaugh and Sean Hannity.
The company had 14,300 employees at the end of 2016, according to its most recent annual report.
https://www.cnbc.com/2018/03/15/iheartmedia-files-for-bankruptcy.htm
NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
-
03-15-2018, 08:26 PM #2NO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
Similar Threads
-
Detroit Bankruptcy Detroit Files Largest Municipal Bankruptcy In Hist
By kathyet2 in forum General DiscussionReplies: 41Last Post: 01-15-2017, 07:56 PM -
The largest U.S. coal company just filed for bankruptcy
By JohnDoe2 in forum Other Topics News and IssuesReplies: 1Last Post: 04-15-2016, 06:39 PM -
Ala. county files plan to exit $4.2 BILLION bankruptcy, largest in U.S. history
By JohnDoe2 in forum Other Topics News and IssuesReplies: 1Last Post: 06-30-2013, 07:01 PM -
DOE-backed solar firm files for bankruptcy: 1,100 Jobs
By AirborneSapper7 in forum Other Topics News and IssuesReplies: 4Last Post: 08-31-2011, 08:20 PM -
Radio Stations
By ginger-snaps in forum General DiscussionReplies: 45Last Post: 01-03-2007, 01:59 AM
Listen to William Gheen on Rense Mar 27, 2024 talking the Most...
03-28-2024, 11:39 AM in ALIPAC In The News