Deal?
iHEARTMEDIA’s bankruptcy has been delayed, with lenders and the company filing a Forbearance Ageeement giving iHEART more time before having to file a plan for Chapter 11 bankruptcy. The new deadline is WEDNESDAY, (3/7).
The agreement, disclosed in a Form 8-K filed with the SEC this morning, gives iHEART until MARCH 7th before the lenders can trigger an acceleration of the company’s obligations due to it skipping the interest payment originally due FEBRUARY 1st, unless an additional default event happens before WEDNESDAY. In the meantime, iHEARTCOMMUNICATIONS has agreed not to make any payments on its 14.00% Senior Notes due 2021.
The filing included the latest versions of iHEART’s proposed bankruptcy plan, which provides for new secured debt of $5.75 billion, a spin-off of CLEAR CHANNEL OUTDOOR HOLDINGS, INC., and a new revolving credit facility.
This Article Was Originally Posted at www.allaccess.com