On Nov. 22, just before the Thanksgiving Day holiday, iHeartMedia once again extended the deadline for participation in its Term Loan Offers, Exchange Offers and Consent Solicitations to 5pm Eastern on Dec. 8.
That information was distributed via press releases from iHeart. What wasn’t shared with the public were details of a debt-for-equity proposal awarding its lenders 87.5% equity in a recapitalized iHeart and 87.5% of iHeart’s 89.5% direct ownership in Clear Channel Outdoor.
We now know that the lenders want a sweeter deal than that.
And, they want an option for a pre-packaged Chapter 11 filing.