IHeartMedia, owner of 6 Eau Claire radio stations, files for bankruptcy

iHeartMedia finally files for bankruptcy

San Antonio, Texas-based iHeartMedia Inc. filed for Chapter 11 bankruptcy Wednesday.

The company, which filed for bankruptcy along with some of its units, said it ā€¨reached an agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which will reduce its debt by more than $10 billion.

On Monday it disclosed that it continued exchanging proposals with creditors, but no agreement had been reached.

The San Antonio-based company is the largest radio station group owner in the U.S., overseeing more than 850 terrestrial radio stations. While cash has run short, iHeart said there's enough on hand, along with what it can earn from operations, to keep the business going, cutting the need for expensive new bankruptcy loans.

The company, owned by Thomas H. Lee Partners and Bain Capital, has been in negotiations for almost a year with its primary debtholders, led by Franklin Resources Group. It also produces syndicated radio programs that feature "American Idol" host Ryan Seacrest and political personalities Rush Limbaugh and Sean Hannity. To implement the restructuring, iHeart - and certain lenders - have filed for Chapter 11 Bankruptcy in Houston.

Trump's Personal Aide Reportedly Fired And Escorted From White House
That makes McEntee at least the eighth administration official to be removed from the premises after being fired. McEntee's departure has several of Trump's closest advisers anxious about the effects on the president's mood.

Vigil Held For Parkland Shooting Victims At Montana Capitol
At 10 a.m. local time, school children across the country are walking out for 17 minutes to commemorate the 17 lives lost. The Monument For Our Kids memorial includes 7,000 pairs of shoes, said Avaaz, the organization behind the event.

Exiled Russian Businessman Found Dead At His Home In South London
A Russian businessman and an associate of the one-time billionaire Boris Berezovsky, Nikolay Glushkov, has died in London . Russian Federation reportedly dismissed the British claims as a "circus show", a "provocation" and "nonsense".

What's interesting is that the long-time radio honcho also operates iHeartRadio's music streaming service, which hasn't been able to compete with culture mavens like Spotify and Pandora.

The reason for iHeartMedia's financial problems is primarily its massive debt, which it amassed when private equity firms Thomas H. Lee Partners and Bain Capital led a buyback of publicly held shares to take the company private in 2008.

This filing comes following a proposal February 26 by Liberty Media Corp's John Malone of buying 40% in the restructured iHeartMedia group at a price of $1.16 billion. It's $20 billion in debt makes it the largest bankruptcy in the a year ago, and around the 30th largest ever. The more than six months long negotiations between the company and its creditors evolved into this pre-packaged Chapter 11 filing.

In Boston, iHeartMedia Inc. owns WBZ NewsRadio 1030, WRKO AM680, KISS 108, and several other stations.

Related:

Comments

Latest news

National Football League notes: Bradford heads to Cardinals, Keenum to Broncos, Cousins to Vikings
Cousins passed for at least 4,000 yards and 25 touchdowns in each of the past three seasons for the Washington Redskins . Cousins has been a bright light for the Redskins since he was promoted to the starting quarterback role in 2015.

Takeaways From Broadcom's Blocked $117B Qualcomm Bid
Broadcom has formally admitted defeat after US President Trump stepped in and forbade a merger between the firm and Qualcomm . Dead deal: Broadcom withdrew its $117 billion offer to acquire Qualcomm this morning.

Sonia Gandhi hosts dinner for 17 Opposition leaders at 10 Janpath
However, according to a Business Standard report, not all of the country's political players were present at the dinner meeting. Leaders from the Left, South and Bengal also attended. "It seems Sonia and Rahul Gandhi don't believe in democracy".

Nigeria's ranking improves on United Nations global happiness report
The top 10 countries have been generally the same for the past two years with the exception of a few, small changes. Germany came in 15th place, while the United Kingdom was 19th. "The signs are not good for the U.S.

BJP face drubbing in Lok Sabha bypolls, lose bastion Gorakhpur
In Bihar, RJD's Suday Yadav and BJP candidate Rinki Rani Pandey won from Jehanabad and Bhabhua assembly seats respectively. The defeat of Gorakhpur , from where Yogi himself had won five times and his "guru" had won three times prior to him.

Marana police: Bride arrested for DUI on way to her wedding
Police say Amber Young was en route to her wedding in Marana when she was involved in a auto crash. A Marana bride was arrested while driving to her wedding allegedly while impaired Monday morning.

Bus carrying students crashes in Alabama, killing driver
First responders had to use ropes to rappel down the ravine to reach the injured and then use equipment to cut out them out. Baldwin County's sheriff says the bus was taking band students from Disney world back to their homes in Channelview, Texas.

How Much A Wrinkle In Time Made Opening Night
As for its overall opening weekend haul, A Wrinkle in Time's total is expected to be between $44 million and $45 million. It's based on the 1962 novel by Madeleine L'Engle about a young girl who explores the cosmos in search of her father.

Neymar 'wants Real Madrid move before World Cup'
Neymar has reportedly told players, coaches and even directors at FC Barcelona that he wants to return to his former club. He is also in a race against time to be fit for the World Cup in Russian Federation , which begins on June 14.

WWE star Jeff Hardy charged with DWI in Cabarrus County
Matt is now involved in a feud with Bray Wyatt, which is culminating with a pre-taped match called The Ultimate Deletion. His auto sustained an estimated $8,000 in damages, and the guardrail another $5,000, per local reports.

Drake returns to NCAA tournament as No. 13 seed
The Aggies haven't made it out of the second round since 2015 when they lost in the Elite Eight to perennial powerhouse UConn. The defending-champion Tar Heels are as hot as anyone, despite falling to Virginia in the ACC Tournament championship.

Sherman: Garoppolo played big part in my 49ers choice
That has been true since the first start of his National Football League career back in 2011 when he lined up against A.J. But now it's like I abandoned them . "I really appreciated that because it showed their commitment, their excitement".

Former First Round Pick Traded To Patriots
The Browns traded a third-round pick - No. 65 overall - to the Buffalo Bills for quarterback Tyrod Taylor . The move has presumably slotted the 28-year-old to be the Browns' starter for the 2018 season.

Metropolitan Opera Officially Terminates Relationship With James Levine
Ashok Pai said he had been abused by Levine for years, beginning in 1986 near the Ravinia Festival in IL , when he was 16. Levine to continue to work at the Met", it said in the statement .

Indiana's January jobless rate edges down to 3.3 percent
In the fourth quarter of 2017, the official unemployment rate in Albania, for the population aged 15 years and over is 13.4 %. Louisiana added 1,100 nonfarm jobs in January compared to a year ago, bringing total employment in the state to 1,951,100.

Other news