Note that the founders, Lowry Mays and Red McCombs, of Clear Channel are still billionaires.
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MARCH 15, 2018 / 1:19 AM
Largest U.S. radio company iHeartMedia files for bankruptcy
Tom Hals
(Reuters) - IHeartMedia Inc IHRT.PK filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an agreement with creditors to more than halve its $20 billion in debt.
The company said the agreement it reached with holders of more than $10 billion of its outstanding debt would restructure its balance sheet by transferring 94 percent of the stock in the reorganized company to its lenders.
IHeartMedia has struggled with debt that was taken on to finance a $17.9 billion leveraged buyout, or LBO, in 2008 of what was then Clear Channel Communications Inc. That deal led by Bain Capital LLC and Thomas H. Lee Partners LP closed just as a financial crisis began to undermine the U.S. economy.
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MARCH 15, 2018 / 1:19 AM
Largest U.S. radio company iHeartMedia files for bankruptcy
Tom Hals
(Reuters) - IHeartMedia Inc IHRT.PK filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an agreement with creditors to more than halve its $20 billion in debt.
The company said the agreement it reached with holders of more than $10 billion of its outstanding debt would restructure its balance sheet by transferring 94 percent of the stock in the reorganized company to its lenders.
IHeartMedia has struggled with debt that was taken on to finance a $17.9 billion leveraged buyout, or LBO, in 2008 of what was then Clear Channel Communications Inc. That deal led by Bain Capital LLC and Thomas H. Lee Partners LP closed just as a financial crisis began to undermine the U.S. economy.
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