IHeartMedia Reaches Agreement In Principle With Stakeholders To Restructure Debt


IHeartRadio now owns 850 radio stations across the USA, making it the most prominent radio branch in the nation.

iHeartRadio made news a few days ago when Eminem took the stage at the iHeartRadio Music Awards and gave a fiery performance of "Nowhere Fast".

A spokesperson for parent iHeartMedia said the company does not own stations and has no employees here since the franchise agreement has seen Bell manage Canadian music licensing, marketing and distribution while providing content from Bell properties.

The company announced Thursday it had reached an agreement to address and restructure $10 billion of its outstanding debt to stakeholders and investors.

Formerly known as Clear Channel, iHeartMedia has over 850 stations.

Nashville's iHeartMedia station offices are located on Music Row. "Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia's position as America's No. 1 audio company". "We expect them to be able to focus their resources on growing their business rather than on debt service, which is what they've had to do for the last 10 years".

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The company ultimately couldn't handle its $20 billion buyout debt leveraged in 2008.

IHeartMedia Inc. said its billboard subsidiary, Clear Channel Outdoor, isn't part of the bankruptcy proceedings.

The company has six stations in Baton Rouge-102.5 WFMF, 101.5 WYNK, 96.1 The River, 1210 The Score, Downtown Radio, and WJBO Newsradio.

Speaking on today's filing, Crystall added that despite iHeartMedia's best efforts, it seemingly had no choice but to file for bankruptcy.

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 transferred some stock - it was an intercompany stock transfer - and its bondholders challenged it, tried to force them into default, and I Heart fought it", she says.