iHeart Lenders Asked For 95.3% Of The Company

[Y2kTheNewOldies]

https://radioink.com/2017/11/30/iheart-lenders-asked-95-3-company/

https://www.rbr.com/iheartdebt-ssbob-ccout/

This is over Ihearts restructuring of their debt.

Much like Cumulus, iHeartMedia has been trying to restructure its massive debt. And much like Cumulus, it hasn’t been easy. This month there was a little back and forth between iHeartMedia and some of its lenders, but the two sides still seem very far apart. On November 22, iHeart proposed to its Term Loan Holders, $7 billion in new debt giving up 87.5% equity in a recapitalized iHeart and 87.5% ownership of iHeart’s ownership in its Outdoor division. The lenders came back with this…

 

[Y2kTheNewOldies]

http://mobile.radio-online.com/cgi-bin/rolmobi.exe/dnheadline_id=b15274

Here is an update.

 

[Y2kTheNewOldies]

http://www.expressnews.com/business...unces-possible-sale-of-billboard-12422593.php

Update Iheart is considering selling its billboard division.

 

[TheBigA]

The problem is selling a major asset devalues the company. The asset is worth more than the cash they'd get for it in the context of the discussions with their lenders, as evidenced by the first post in this thread.