Judge To Bondholders: Back Off

0

Judge Stryker couldn’t have made it more clear that the transfer iHeart made of 100 million shares of Clear Channel Outdoor to Broader Media was allowed based on the evidence she heard last week. She said this ruling was necessary to “prevent imminent and irreparable harm to iHeart.”

Stryker ruled that the notices of default sent to iHeart on March 7 are permanently rescinded and the bondholders are not allowed to issue or even threaten to issue any future notices of default against the company as a result of the contribution iHeart made to iHeart Media.

Here are the specifics from Judge Stryker’s ruling (READ IT HERE). She said that iHeart is not in default under the indentures government its notes as a result of the contribution to Broader Media, the contribution did not violate the indentures government the notes, the contribution was an investment and a permitted investment under the indentures governing the notes and the contribution is not a basis for the bondholders to accelerate the notes under the indentures governing the notes.

LEAVE A REPLY

Please enter your comment!
Please enter your name here