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iHeartMedia – Files Amended Plan and Disclosure Statement

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August 23, 2018 – iHeartMedia filed with the Court a Second Amended Joint Plan of Reorganization [Docket No. 1301] and a related Disclosure Statement [Docket No. 1304]. The Disclosure Statement notes, “the Plan provides for a global compromise and settlement of all Claims, Interests, Causes of Action, and controversies released, settled, compromised, discharged, or otherwise resolved pursuant to the Plan. The Plan contemplates that: the iHeart business and CCOH businesses will be separated through either a Tax-Free Separation or a Taxable Separation. Reorganized iHeart will emerge from chapter 11 with New Debt of $5.75 billion some or all of which will be secured by substantially all assets of Reorganized iHeart and some of which may be unsecured…In addition, Reorganized iHeart will have access to a new ABL facility that will, among other things, provide working capital and fund distributions under the Plan. Under the Plan, Holders of Allowed iHC 2021 / Legacy Notes Claims will receive their Pro Rata share of $200 million of the New and 5% of the equity in Reorganized iHeart (or 5% of the beneficial interests in the FCC Trust if the FCC Trust is utilized as described in the Plan). In addition, Holders of Allowed iHeart Interests will receive their share of 1% of the equity in Reorganized iHeart; (or 1% of the beneficial interests in the FCC Trust if the FCC Trust is utilized as described in the Plan). The Senior Creditors will receive the following distributions under the Plan, which the Debtors believe is commensurate with the approximately $2 billion of value that the Debtors ascribe to the Non-Principal Property securing such Allowed Claims of the Senior Creditors, which value has been adjusted to take into account the effect of the Disputed Committee Claims raised by the Committee in the Amended Committee Standing Motion. The following distributions, in the aggregate, comprise $1,380 million of New Debt, 23.37% of the equity in Reorganized iHeart (or 23.37% of the beneficial interests in the FCC Trust), and any Excess Cash.”

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