With an extended deadline on a short-term forbearance agreement forged with its lenders set to expire Tuesday (3/13) at 12:59am Eastern, iHeartMedia has taken another step closer to a restructuring of its capital structure. The nation’s No. 1 broadcasting company on Monday submitted to the Securities & Exchange Commission revised versions of a draft restructuring support agreement and related draft restructuring term sheet.
The revisions “reflect further negotiations” with the advisors to groups of iHeart’s noteholders, lenders and equity holders. We’ve compared the revisions to the original document, and some notable changes have been made.