iHeartMedia (f/k/a CC Media Holdings) and more than 35 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, lead case number 18-31274. Clear Channel Outdoor Holdings and its subsidiaries are not included in the filing.
The Company, which offers media, entertainment and data services focused on radio, digital, outdoor, mobile, social, live events and on-demand entertainment is represented by Patricia B. Tomasco of Jackson Walker. The Company concurrently announced an agreement in principle with holders of more than $10 billion of its outstanding debt and its financial sponsors.
iHeartMedia notes, “The agreement reflects widespread support across the capital structure for a comprehensive balance sheet restructuring that will reduce iHeartMedia’s debt by more than $10 billion. iHeartMedia, America’s #1 audio company, will continue operating the business in the ordinary course as a leading global multi-platform media, entertainment and data company.”
Bob Pittman, chairman and C.E.O., comments, “The agreement we announced today is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure.”
Brian Coleman, iHeartMedia’s S.V.P and C.F.O., adds, “The Debtors soon expect to finalize documentation and exchange signature pages on a restructuring support agreement with these parties that will memorialize this agreement in principle. The broad consensus embodied in the agreement in principle provides a necessary foundation for the Debtors’ chapter 11 cases to proceed in an efficient, cost-effective, and value-maximizing manner.”
Read more iHeart bankruptcy news.
The post iHeartMedia Bankrupt appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.