MySA.com is reporting that the upcoming May 16 court showdown between iHeartmedia and some of its bondholders will remain in Bexar County, Texas. A state district court judge has denied a motion by the bondholders to change the jurisdiction of iHeart’s lawsuit against the bondholders.
The court appearance is the result of a lawsuit filed by iHeartMedia. A group of bondholders claimed the company violated covenants by transferring 100,000 shares to Broader Media. iHeart says its contribution of Clear Channel Outdoor Holdings stock to its subsidiary Broader Media fully complied with financing agreements. iHeartmedia also filed an 8K with the SEC recently which stated it had “entered into mediation with certain of the holders to try to resolve the dispute and to explore possible alternatives to the terms of the company’s existing senior secured indebtedness.”
