Another iHeart Debt Offer Extension

iHeart Media announced yesterday an extension of the date of their private exchange offer from May 26th to June 5th.  Insider reported in April of the Companies decision to move the deadline date for their lenders and bondholders to consider its debt-exchange offer to May 26th.  Now with that date upon them and only 0.6% of the outstanding existing notes being tendered, the Company was forced to make another move.  The Company indicates it will provide time to continue discussions with note holder regarding the terms of the exchange offers.

You can read more at Radio Business Report.

Insider’s Take –  I used to be surprised at how drawn out a debt or financial restructuring can be, but not anymore.  This is going to take a while as a majority of the debtor groups appear to be working together and smelling a real opportunity to improve their position.  iHeart has already offered an equity position in Clear Channel Outdoor as a part of a debt restructuring. I would expect that the debt holders are asking for more.  Stay tuned…

 

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