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iHeartMedia Inc., the broadcast and internet radio company that owns internet station iHeartRadio, is preparing for bankruptcy that could happen as soon as this weekend.
Bloomberg News reports that iHeart's senior creditors have seen bankruptcy papers that would be used in any upcoming court filing. iHeart has been negotiating the terms of its restructuring plan but the Bloomberg report states that bankruptcy filing is all but certain as the company missed a Feb. 1 interest payment and the 30-day grace period is almost over.
iHeart, led by chairman and CEO Bob Pittman, the former COO of America Online and later of AOL Time Warner, has also missed payments on two sets of bonds. The company currently has a debt pile of $20 billion, the legacy of a leveraged buyout in 2008.
Liberty Media offered to stave off bankruptcy at the 11th hour and inject new cash into iHeart, but Bloomberg reports the offer from John Malone's company wasn't high enough for the company's creditors.
According to reports, Liberty would have invested $1.16 billion, acquiring 40 percent of iHeart in the process, though not without a reorganization of the company. Liberty, the owner of SiriusXM Radio already owns a significant amount of iHeart's debt and talks with the company are still ongoing people familiar with the matter told Bloomberg.
what the hell ? all them radio deals
Quote from: A.I.R on March 05, 2018, 12:17:27 PM
what the hell ? all them radio deals
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