Radio broadcaster iHeartMedia declares bankruptcy

Radio broadcaster iHeartMedia declares bankruptcy

iHeartMedia, Inc., which owns hundreds of radio stations around the country, including in Eau Claire, has filed for Chapter 11 bankruptcy. Its six Davenport-based stations are AM stations WOC 1420 and WXFN 1230 and FM stations KUUL 101.3, KCQQ 106.5, KMXG 96.1 and WLLR 103.7. Under Chapter 11, a company is protected from creditors seeking repayment of debt while it reorganizes.

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

The company will also continue to operate as normal during the bankruptcy.

"A couple of years ago they hired Bob Pittman".

iHeartMedia has spent the past several years attempting to deal with its financial burden, which weighed down what would otherwise seem to be, according to its revenues and operating incomes, a healthy company.

Russia: Don't rule out mafia-style hit, urges Corbyn
Asked on Thursday about his tone during Commons exchanges, Mr Corbyn said he was "extremely definite" in his response to Mrs May. About 20 Labour backbenchers signed a motion stating the Commons "unequivocally accepts the Russian state's culpability".

Many of its debtors will receive new secured debt from its equity stock holders, who will end up with nothing. There are eight iHeart stations in Los Angeles, for example, and six in NY, including Z100, a pop powerhouse. When it seemed those court cases weren't going to be ruled in their favor, they all reached a settlement in May 2008.

Owned by Bain Capital and Thomas H. Lee Partners, iHeart has remained in negotiations with debt holders for nearly a year. Liberty sought to break the logjam in negotiations late in February by offering new capital and loans in return for a 40 per cent stake, and has said it's willing to go higher. This will unite iHeart Radio with Liberty's Sirius XM Holdings satellite radio service.

Another big company in the radio industry, Cumulus Media, filed for bankruptcy in November.

It plans to use the bankruptcy to restructure its business. The company's stock, which trades on NASDAQ under the ticker symbol IHRT is now trading at 59 cents, up 23%. "There's no reason to file for bankruptcy until you have to... but we're at that point".

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