Wednesday, 13 November, 2019

IHeart, Lenders Sign Agreement, File Chapter 11

Courtesy Courtesy
Russell Knight | 15 March, 2018, 21:21

The agreement reflects, "widespread support across the capital structure for a comprehensive balance sheet restructuring that will reduce iHEARTMEDIA's debt by more than $10 billion". The company reportedly missed recent payments on two sets of bonds, and another $8.3 billion of debt is expected in 2019. "Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia's position as America's #1 audio company", said Chairman and Chief Executive Officer Bob Pittman in the release.

IHeart, with about 850 radio stations and 17,000 employees worldwide, filed for Chapter 11 protection on Wednesday in Houston, a move that allows iHeart to keep operating while it tries to cement its turnaround plan.

IHeart now owns 858 radio stations including Z100 in NY and Real 103.5 KISS FM in Chicago.

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

Cherry Hill Mortgage Investment (CHMI) Upgraded to Hold by Zacks Investment Research
Arcadia Investment Mngmt Mi stated it has 950 shares. 98,988 are owned by State Board Of Administration Of Florida Retirement. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P.

Senate votes to loosen key Dodd-Frank banking regulations
In a 67-31 vote, the Senate approved the most sweeping changes yet to Dodd-Frank that have earned bipartisan support. House of Representatives, which must pass it before it can signed into law.

Brokerages Set Delta Air Lines, Inc. (DAL) Price Target at $67.05
Moreover, Pnc Financial Serv Group has 0.02% invested in Delta Air Lines, Inc . (NYSE: DAL ) on Monday, May 29 with "Buy" rating. The firm has "Buy" rating by Raymond James given on Thursday, December 14. (NYSE: DAL ) on Monday, August 14 with "Buy" rating.

According to Variety, among iHeart's music industry creditors as it slips into bankruptcy are Spotify, Universal Music, Warner Music and American collecting societies BMI, ASCAP, GMR and SoundExchange. It also owns iHeartRadio's music streaming service, a large concert business, and a 90% stake in Clear Channel Outdoor, the billboard company. The media firm has been battling a massive debt load for some time, much of which stems from a so called "leveraged buyout" of the company by its current owners back in 2008. In public term sheets, the equity holders offered a pre-packaged bankruptcy under which the creditors would get 89.5% of the equity.

SiriusXM owner Liberty has proposed a deal to buy a 40% stake in a restructured iHeartMedia, bringing SiriusXM stations together with iHeartMedia stations.

On Feb. 1, iHeart announced that it had skipped a $106 million coupon payment on debt that matures in 2021.

The San Antonia based iHeartMedia bills themselves as a multi-platform media company, and are best known for operation over 850 radio stations.

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