In an 8K filed with the Securities and Exchange Commission Tuesday, iHeartMedia said there is a “significant gap” in the negotiations between the company and debt holders, including those debt holders iHeart recently won a court case against, in finding alternatives to iHeart’s existing senior secured debt and that iHeart is now “assessing whether it will continue discussions.”
Also in the filing, iHeart Vice President, Associate General Counsel and Assistant Secretary Lauren Dean writes, “No agreement has been reached with respect to the above discussions. There can be no assurance that any agreement will be reached.” iHeartmedia has over $20 Billion in debt and has been unable to lower that number for years. Bloomberg reports that iHeart has been looking to push out maturities on its debt and reduce its interest expense. $10 billion is coming due in the next three years.
