With hours ticking ahead of an all-important hearing that will affirm or deny its plan for reorganization and subsequent departure from debtor-in-possession status, iHeartMedia has taken a positive approach to what it hopes will be the final hurdle for emerging from bankruptcy and whittling its debt to $5.5 billion.
It shared the voting results for the Fifth Amended Joint Chapter 11 Plan of Reorganization, which indicate that every class of creditors “entitled to vote” voted for approval. That said, Wilmington Savings Fund Society, known to customers as WSFS Bank, has been a notable holdout.
It’s now known that WSFS Bank and iHeart are willing to work together on a resolution, rather than have the Houston-based judge nix the Plan of Reorganization needed to jettison from Dec. 11. A delay of Tuesday’s hearing is being jointly sought.
