The company, which filed for bankruptcy along with some of its units, said it reached the agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which would reduce its debt by more than $10 billion.
Triggering the voluntary petitions for relief under Chapter 11 of the US bankruptcy code is a March 14 agreement in principle with holders of more than $10 billion of its outstanding debt, and iHeart's financial sponsors.
The company owns six St. Louis radio stations: 100.3 FM The Beat, Hallelujah 1600 AM, Alt 104.9, KLOU 103.3 FM, 93.7 FM The Bull, and Z-107 FM. "It was something called an LBO or leveraged buyout, where they used debt to buy the company, and then the shareholders and people who buy the bonds have to pay for it".
IHeartMedia has maintained that its radio stations remain popular and vital even as it has introduced apps and negotiated new licensing deals meant to control its royalty payments online.
iHeartMedia says that it has enough cash on hand and will make enough from operations to keep going throughout the bankruptcy.
While certain subsidiaries such as Katz Media and iHeartCommunications have been affected by this announcement, other iHeartMedia properties such as ClearChannel Outdoor (which iHeartMedia has a 90% stake in) did not commence Chapter 11 proceedings. Indeed, the corporate press release that announced the bankruptcy filing acknowledges debt in excess of $10 billion.
The company owns three Springfield stations: Mix 93.1, Kix 100.9 and WHYN NewsRadio 560.
The San Antonio-based company iHeartMedia announced Wednesday that it is working to restructure its debt and that it intends to "maintain business-as-usual operations" during the court proceedings.
The long-awaited move means iHeart Media, America's biggest radio group, will end years of corporate limbo during which its private equity owners and its lenders could not agree on how to solve its huge $20bn debt burden.
The company was taken over by private equity giants KKR, Bain Capital and real estate investment company Vornado in 2005. Toys R Us said in its liquidation filing that those price cuts were a big reason behind its weak holiday sales.
He made three interceptions in 14 games for the winless Browns past year while making 65 tackles and forcing two fumbles. New England was one of the teams that had interest in Jason McCourty a year ago before he signed with the Browns.
Media outlets reported that Southeastern Grocers said Thursday it will closed 19 stores in SC and 11 in North Carolina. It will continue to operate 582 stores under the brands Harveys, Bi-Lo, Winn-Dixie and Fresco y Más.
The defense secretary said that the U.S. needs to lead and provide the substance for the reconciliation effort. Secretary Mattis praised Ghani's recent offer to negotiate with the Taliban without preconditions.
Free agent quarterback Case Keenum is expected to sign a deal with the Denver Broncos once free agency officially opens at 4 p.m. We've talked about the Vance Joseph connection here before as a reason the Broncos remained an undercover option for McCarron.
Cruz, the 19-year-old former student at Marjory Stoneman Douglas High School, is charged with 17 counts of premeditated murder. After the staffer knocks on the door, the two quickly walk away and drive off in a golf cart.
Mattis said the goal was to convince the Taliban that they could not win, which would hopefully push them towards reconciliation. Afghan forces, while "unsteady", probably will maintain control of most major population centers in 2018, he added.
At the very outset of the tape, the control tower was heard warning the pilot, "I say again, do not proceed towards Runway 20". Aviation experts say a definitive cause of the accident can not be pinpointed without a thorough investigation.
Georgia extended an offer to former Ohio State coach Thad Matta, but Matta announced Wednesday that he was turning down the job. Georgia needs a new basketball coach, and the program is exploring the possibility of hiring current ESPN analyst Tom Crean .
These smart heating systems use internet-connected radiator valves to set the temperature in your home on a room-by-room basis. To get all of that setup, you'll want to hit the link below as it has all of the step-by-step instructions.
On February 13, over two dozen people including two senior police officers were killed in a suicide blast on Mall Road. Security has been tightened following the attack and all exit and entry points to the vicinity have been secured.
What US will do to counter Chinese loans to Africa - Tillerson
Rex Tillerson , US secretary of state, has changed the plan of spending Monday night in Abuja before flying back to Washington . NAIJ.com previously reported that Tillerson would arrive in Abuja on Monday, March 12 for his first official visit to Nigeria .
Melrose increases GKN bid to £8.1bn in 'final offer'
GKN shareholders will need to approve the merger, which means they will have to weigh its merits against a Melrose deal. Under the prior deal Melrose offered 1.49 Melrose shares in addition to the 81 pence in cash and dividend entitlement.
It's Pi Day: Math geeks unite
For some lucky couples getting married on Pi Day, &pizza is throwing free weddings at their restaurants in four cities. Since this year's Pi Day falls on a Wednesday, Baker's Square Wednesday free pie slice comes into play.
Bride en route to wedding arrested for DUI after crash
An occupant in one of the other vehicles sustained minor, non-life threatening injuries, and was sent to a hospital, Scott said. Chriswell Scott , Amber Young was arrested and booked around 10:30 a.m.at the scene of a three auto accident.