Is the Breakfast Club Finished? 
iHeartMedia Inc. is preparing to file for bankruptcy as soon as this weekend after months of negotiations with creditors who hold over $15 billion of the company’s debt, according to people familiar with the matter.
The nation’s largest radio-station operator IHRT, +12.51% its private-equity owners Bain Capital and Thomas H. Lee, and its lenders and bondholders are still in talks and there is still a possibility of striking a forbearance agreement that would delay a bankruptcy filing until after the weekend, the people said.
A spokeswoman for iHeart declined to comment.
Despite months of talks about fixing iHeart’s balance sheet, the company has been unable to strike a deal with its biggest creditor group -- led by investment firm Franklin Advisers Inc. -- and junior debt holders on how to divvy up the equity in iHeartMedia’s reorganized radio business
With iHEARTMEDIA skipping two more interest payments YESTERDAY (NET NEWS 3/1), an expected bankruptcy could happen as early as TODAY or TOMORROW. BLOOMBERG reports, "Embattled IHEARTMEDIA INC. is circulating documents for a bankruptcy filing that could come as soon as this weekend for the biggest U.S. radio broadcaster."
The report notes, "Advisers to some of iHEART’s senior creditors have been shown bankruptcy papers that would be used on the first day of court proceedings, according to people with knowledge of the matter. Despite a year of negotiations on a restructuring plan, a formal support agreement still isn’t in place with the most-senior lenders, and the creditors aren’t in restricted talks with the company, said the people, who asked not to be identified discussing private negotiations. Creditors typically agree to restrict some of their activities in exchange for non-public information when talks heat up."
No Agreement With Creditors As Of Friday Morning
In a Form 8-K filing with the SECURITIES AND EXCHANGE COMMISSION today (3/2), iHEART updates the situation, "As previously disclosed, iHEARTCOMMUNICATIONS, INC., an indirect subsidiary of iHEARTMEDIA, INC., has engaged in discussions with its stakeholders with respect to the restructuring of its capital structure. Since iHEARTCOMMUNICATIONS’ proposal on FEBRUARY 8, 2018, iHEARTCOMMUNICATIONS has been in regular contact with each of its creditor and equity constituents to develop a proposal that has the most support possible. The proposal attached to this Current Report on Form 8-K reflects iHEARTCOMMUNICATIONS’ attempt to harmonize the views that it has received directly from the various groups of noteholders, lenders and iHEARTCOMMUNICATIONS’ equity holders and is hereby disclosed to all its creditor and equity constituents.
"No agreement has been reached with respect to the above discussions and discussions remain ongoing. iHEARTCOMMUNICATIONS will continue to work with all of its constituents to develop a consensual transaction to allocate consideration among its various stakeholders. There can be no a.ssurances that a consensual transaction or any agreement will be reached."
An expanded version of this report appears at WSJ.com.
https://www.wsj.com/artic .. 28874?mod=mktw
https://www.marketwatch.c .. tcy-2018-03-02
Maybe this is what Ebro was talking bout when he said he had dirt on Charlamange and Co.
iHeartMedia Inc. is preparing to file for bankruptcy as soon as this weekend after months of negotiations with creditors who hold over $15 billion of the company’s debt, according to people familiar with the matter.
The nation’s largest radio-station operator IHRT, +12.51% its private-equity owners Bain Capital and Thomas H. Lee, and its lenders and bondholders are still in talks and there is still a possibility of striking a forbearance agreement that would delay a bankruptcy filing until after the weekend, the people said.
A spokeswoman for iHeart declined to comment.
Despite months of talks about fixing iHeart’s balance sheet, the company has been unable to strike a deal with its biggest creditor group -- led by investment firm Franklin Advisers Inc. -- and junior debt holders on how to divvy up the equity in iHeartMedia’s reorganized radio business
With iHEARTMEDIA skipping two more interest payments YESTERDAY (NET NEWS 3/1), an expected bankruptcy could happen as early as TODAY or TOMORROW. BLOOMBERG reports, "Embattled IHEARTMEDIA INC. is circulating documents for a bankruptcy filing that could come as soon as this weekend for the biggest U.S. radio broadcaster."
The report notes, "Advisers to some of iHEART’s senior creditors have been shown bankruptcy papers that would be used on the first day of court proceedings, according to people with knowledge of the matter. Despite a year of negotiations on a restructuring plan, a formal support agreement still isn’t in place with the most-senior lenders, and the creditors aren’t in restricted talks with the company, said the people, who asked not to be identified discussing private negotiations. Creditors typically agree to restrict some of their activities in exchange for non-public information when talks heat up."
No Agreement With Creditors As Of Friday Morning
In a Form 8-K filing with the SECURITIES AND EXCHANGE COMMISSION today (3/2), iHEART updates the situation, "As previously disclosed, iHEARTCOMMUNICATIONS, INC., an indirect subsidiary of iHEARTMEDIA, INC., has engaged in discussions with its stakeholders with respect to the restructuring of its capital structure. Since iHEARTCOMMUNICATIONS’ proposal on FEBRUARY 8, 2018, iHEARTCOMMUNICATIONS has been in regular contact with each of its creditor and equity constituents to develop a proposal that has the most support possible. The proposal attached to this Current Report on Form 8-K reflects iHEARTCOMMUNICATIONS’ attempt to harmonize the views that it has received directly from the various groups of noteholders, lenders and iHEARTCOMMUNICATIONS’ equity holders and is hereby disclosed to all its creditor and equity constituents.
"No agreement has been reached with respect to the above discussions and discussions remain ongoing. iHEARTCOMMUNICATIONS will continue to work with all of its constituents to develop a consensual transaction to allocate consideration among its various stakeholders. There can be no a.ssurances that a consensual transaction or any agreement will be reached."
An expanded version of this report appears at WSJ.com.
https://www.wsj.com/artic .. 28874?mod=mktw
https://www.marketwatch.c .. tcy-2018-03-02Maybe this is what Ebro was talking bout when he said he had dirt on Charlamange and Co.
I hate all these little shows they keep putting on channel 11 here no one wants to watch Iheart radio concerts...Most of these no name musicians be corny...
I doubt the breakfast club is over though one way or another even if someone else has to hire them.
and these radio personalities stay clowning ak
.dawg you fukin crazy