On January 22, The Honorable Marvin Isgur, a U.S. Bankruptcy Judge since February 1, 2004, serving the Southern District of Texas, put his signature on a 210-page redlined version of iHeartMedia‘s reorganization plan, putting the No. 1 owner of radio stations and the parent of the iHeartRadio brand on the fast-track to its emergence from debtor-in-possession status.
Fast-forward to April 3, when iHeart said in an SEC filing that it will issue new Class A and Class B shares.
Just when will iHeart emerge from debtor-in-possession status? It could happen at any moment, thanks to the FCC’s approval of a divestiture plan involving two markets where it will be over Commission ownership limits once a reconstituted iHeart begins operations.