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IHeart Radio, owner of Talk Radio 570 and others, files bankruptcy

16 March 2018

They have now confirmed they are filing for Chapter 11 bankruptcy. "We're here to right-size the balance sheet". "The company has also earned a reputation for ruthlessness and ethically debatable activities that raise eyebrows, and hackles, even among industry veterans who thought they'd seen it all".

In the years that followed, the operator of 849 radio stations has faced intensifying competition for advertisers and listeners from internet platforms such as music streaming services.

After weeks of uncertainty iHeartMedia are moving to resolve their massive debt by filing for bankruptcy. But the days of the company causing competitors to quake with anxiety appear to be over.

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The IHeartMedia bankruptcy will certainly have ripples here in the Tennessee Valley. Continue to read the aforementioned press release.

After four extensions to a Forbearance agreement that would have put the company into default after skipping a $106 million interest payment, iHeartMedia has announced that it has reached an agreement with holders of more than $10 billion of its outstanding debt.

However, the company spent $1.4 billion on interest payments a year ago and has more than $8 billion in debt maturing by the end of 2019.

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Pitman promised that "a capital structure that finally matches our impressive operating business will further enhance iHeartMedia's position as America's No. 1 audio company".

The company, with about 850 radio stations and 17,000 employees worldwide, filed for Chapter 11 protection on Wednesday in Houston to keep operating as it tries to work out a way to turn the business around and pay its debts.

IHeart's traditional businesses - the radio stations and the Clear Channel Outdoor billboard unit - still contribute the bulk of its revenue.

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It said in a statement it was seeking to maintain business as usual during the bankruptcy, and to "uphold its commitments" to its staff. While the company didn't specify which motions it was pursuing, the first day motion usually includes a request to allow the company access to its cash on hand and usually okays a debtor-in-possession (DIP) loan that provides the company with additional cash financing.

IHeart Radio, owner of Talk Radio 570 and others, files bankruptcy