"The LBO put this massive debt on the balance sheet that the company was supposed to grow into", a lawyer for iHeartMedia told U.S. Bankruptcy Judge Marvin Isgur at a hearing in Houston on Thursday.
The company has 850 stations total and said in bankruptcy papers that it believes it has enough cash on hand to fund continued operations through the Chapter 11 reorganization process.
A statement from the company reveals that iHeartRadio has accumulated more than $20 billion in debt, but has now reached an agreement with its creditors to restructure around half of that debt, about $10 billion.
Bob Pittman, chairman and CEO of iHeart, writes: "We have transformed a traditional broadcast radio company into a true 21st century multi-platform, data-driven, digitally-focused media and entertainment powerhouse". The talk station features local as well as national programming, and it airs Fairbanks City Council meetings on Monday nights. iHeartMedia also owns six radio stations in Anchorage.
Ravens Ink 3-Year Deal With Michael Crabtree
The plan was for Grant and wide receiver John Brown to take their physicals Thursday and attend a news conference later that day. He now ranks 10th among active National Football League players in receptions and 17th in receiving yards.
Clear Channel Communications, which was founded in San Antonio, has become a household name.
iHeartMediareportedly racked up $20 billion worth of debt and has suffered from falling revenue over the company's 858 radio stations.
IHeartMedia Inc. said its billboard subsidiary, Clear Channel Outdoor, isn't part of the bankruptcy proceedings.
Goldberg said in an email to The Star that "iHeartMedia and all our stations are operating business as usual, and our listeners and fans won't notice any difference in the programming, on-air personalities and stations they love". For years, the company has been saddled with $20 billion in debt, the legacy of a leveraged buyout in 2008. "There's no reason to file for bankruptcy until you have to... but we're at that point". As negotiations between the two companies progressed, Liberty purchased $400 million of iHeart's debt.
After iHeart missed its debt payment in February, Liberty Media made a $1.16 billion offer for a 40% stake in the company.
Verizon's Samsung Galaxy S8, S8
Samsung is all set to launch Galaxy S10 on its 10th anniversary, making it a trendsetter for the company. But Verizon just blew that all away with a buy-one-get-one on the Galaxy S9, which goes live tomorrow.
FBI Recommends Lying McCabe Be Fired
McCabe joined the Federal Bureau of Investigation in 1996 and abruptly went on leave from his deputy director's job in January. Fox News reported Republicans have questioned his connection with the Democrat Party.
Jets deal with Colts to get No. 3 pick
The Jets had an extra second-round pick from the Sheldon Richardson-Jermaine Kearse deal with the Seahawks last summer. One of the most popular trade spots was at No. 3 with the Indianapolis Colts . "But right now, we feel pretty good".
Angela Merkel becomes German chancellor for fourth term
A fragile coalition led by Angela Merkel has been formed following months of negotiations in Germany , Europe's biggest economy. They were widely viewed as the victor in coalition talks, wresting the powerful finance ministry from Merkel's conservatives.
AJ McCarron signs 2-year deal with Buffalo Bills
McCarron might've been the biggest bargain of them all. "He can be outspoken, but he basically leads by example". It's very possible McCarron will be the Bills' 2018 starter. "And that's all you can ask for in this league".
Australia, Asean to cooperate against terrorism
Australia and ASEAN countries have signed an agreement to cooperate on fighting violent extremism and terrorism financing. Najib is the only Asean leader invited to deliver a speech at the closing segment of the conference.