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Largest U.S. radio company iHeartMedia files for bankruptcy
IHeartMedia Inc filed for Chapter 11 bankruptcy on Thursday as the largest U.S. radio station owner reached an in-principle agreement with creditors to restructure its overwhelming debt load.
The company, which filed for bankruptcy along with some of its units, said it reached the agreement with holders of more than $10 billion of its outstanding debt for a balance sheet restructuring, which would reduce its debt by more than $10 billion.
IHeartMedia, which has struggled with $20 billion of debt and falling revenue at its 858 radio stations, said cash on hand and cash generated from ongoing operations will be sufficient to fund the business during the bankruptcy process.
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Largest U.S. Radio Company, iHeartMedia, Files for Bankruptcy
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It's not reality that's important, but how you perceive things.
(Score: 2) by realDonaldTrump on Friday March 16 2018, @04:34AM
In every deal there's a WINNER and there's a LOSER. If this deal goes through, the share holders don't get a lot. They get 1% of a company with big debt. Instead of 100% of a company with HUGE debt. Doesn't sound great, it's not great, it could be worse. Bankruptcy, sometimes the share holders get nothing. Zero.
The creditors, I don't think they wanted shares. I think they wanted CASH MONEY. Can we say they're losers? Why not?
The management, they always win. Meg Whitman, Carly Fiorina. Look at the messes they made, right? But they did very well, personally. Not when they decided to go into politics -- they lost very badly. But financially they did very well for themselves.