iHeart Bankruptcy Step One Complete

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Bankruptcy Judge Marvin Iscur has set April 12th as the next important hearing date in the iHeartmedia bankruptcy filing. At the initial hearing Thursday at 2 p.m. Iscur determined that the relief iHeart is requesting is “necessary to avoid immediate and irreparable harm to iHeart and their estates.” iHeart filed for bankruptcy late Wednesday night, submitting a plan to she 50% of its $10 billion in debt. iHeart was also given extra time to file its financials.

Judge Iscur also gave the company until May 12 to file schedules of assets and liabilities, schedules of current income and expenditures, schedules of executory contracts and unexpired leases, and statements of financial affairs. That’s an additional 59 days from the original petition date of march 14.

iHeart says the reason for the extension request is because its operations are “complex and vast, and preparing the schedules and statements accurately and in appropriate detail will require significant attention from its personnel and advisors.” In addition iHeart’s books and records are located at various locations throughout the United States. “Information must be gathered from many, if not all, of these locations. Given the size and complexity of iHeart’s business and financial affairs and the critical matters and restructuring negotiations that iHeart’s management and professionals were required to address prior to the commencement of these chapter 11 cases, iHeart was not in a position to complete the schedules and statements as of the Petition Date.

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