Insider has written about Clear Channel Outdoor’s parent company, iHeart Media, and their debt woes. Their trial in Texas with a group of creditors began this week . We had previously mentioned that iHeart was trying to find a mediated settlement up to the date of the trial.
At issue is whether the broadcaster was allowed to move more than 100,000,000 shares of Class B common stock of Clear Channel Outdoor Holdings, Inc., a “restricted subsidiary” to Broader Media, LLC, an “unrestricted subsidiary” under the company’s various debt documents.
As a part of the mediation, some of their creditors did make a proposal to amend the terms of iHeart’s credit agreement. The creditor’s include:
- Benefit Partners
- Franklin Advisers
- D.E. Shaw
- Canyon Capital
The proposal was disclosed to the SEC and you can see that proposal here.
iHeart made the following counterproposal.
Insider will keep our readers updated on the results of the trial as it may have a strong influence on the continuing negotiations, which can be discontinued at any time by any party.
Radio Business Report writes on all things radio and is a great source of information on iHeart.
Paid Advertisement
