On the upside, iHeartMedia announced Thursday that it has enough cash to fund business throughout the process of bankruptcy. That said, this bankruptcy has been a long time coming, as the company's $20 billion debt has been an issue since 2008.
Finsbury is handling the biggest bankruptcy in radio as iHeartMedia, owner of America's No. 1 network, files for Chapter 11 to restructure $10B in debt. The heavy debt was a drag on those efforts, draining $1.4 billion a year in interest payments, according to Coleman.
The company will also continue to operate as normal during the bankruptcy. To help get iHeartRadio into a more stable position today they filed for bankruptcy to help deal with their $10 billion of debt now on their books.
It's unclear what it could look like long term, so far, iHeartMedia said it's business as usual. "The company had significantly less debt".
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And Radio + Business Report wrote this week, "The judge overseeing Cumulus Media's Chapter 11 reorganization petition will hold a hearing.to determine whether or not the company can move forward with two specific incentive compensation programs one group of lenders has formally objected to".
Owned by Bain Capital and Thomas H. Lee Partners, iHeart has remained in negotiations with debt holders for nearly a year. "They're going to pay their bills. He started the concert series that you see, iHeart Concerts, and all the top performers performing at them", she says. The creditors' counteroffer sought a higher stake in the company - 94.75% - while offering the equity holders nothing.
In the second half of 2015, iHeartMedia shares lost three-quarters of their total value, from which it couldn't recover. Currently, shares stand at 65 cents, roughly 35% above its opening price of 46 cents.
"What they've done to try to stay afloat is financial engineering". So, are we really surprised to hear the iHeartRadio owner submitted the bankruptcy paperwork today?