iHeartMedia Gets to Financial obligation Restructuring Arrangement: MusicRow– Nashville’s Music Industry Publication– Information, Songs From Songs City

iHeartMedia, Inc. today introduced that it has actually gotten to an arrangement with its debtholders and also financial sponsors of greater than $10 billion of its arrearage. The agreement reflects widespread assistance throughout the capital framework for an extensive balance sheet restructuring that will decrease iHeartMedia’s financial obligation by greater than $10 billion. The business will continue procedures customarily throughout the restructuring process.To execute the

annual report restructuring, iHeartMedia and certain of its subsidiaries, including iHeartCommunications, Inc., have submitted volunteer petitions for relief under Phase 11 in the USA Bankruptcy Court for the Southern Area of Texas, Houston Division. Clear Channel Outdoor Holdings, Inc. as well as its subsidiaries did not commence Phase 11 proceedings.The Firm has filed a series of movements with the Bankruptcy Court to preserve business-as-usual procedures and also uphold its dedications to its workers as well as various other stakeholders throughout the procedure. These”initial day”motions will certainly assist facilitate a smooth shift into Chapter 11, and also the company believes that its cash handy, together with cash money produced from continuous operations, will certainly suffice to money and sustain the business during the Phase 11 process.”iHeartMedia has actually created a very successful operating organisation, creating year-over-year earnings development in each of the last 18 consecutive quarters. We have actually changed a conventional broadcast radio firm right into a true 21st century multi-platform, data-driven, digitally-focused media as well as amusement powerhouse with unequaled reach, services and products currently available on more than 200 platforms, as well as the iHeartRadio master brand that loops our nearly 850 radio terminals, our electronic platform, our real-time occasions, and also our 129 million social fans,”claimed Bob Pittman, Chairman and also Chief Executive Officer.” The arrangement we announced today is a significant achievement, as it enables us to definitivelyaddress the more than$ 20 billion in debt that has actually burdened our funding structure. Accomplishing a capital framework that lastly matches our remarkable operating organisation will certainly additionally improve iHeartMedia’s position as America’s # 1 audio firm. “