Friday we reported that iHeartMedia has filed another lawsuit against its bondholders. iHeart is now asking for hundreds of millions of dollars in damages over the previous dispute it had with bondholders because that case delayed plans to refinance debt and cost the company money. Here’s what iHeart told us about the new lawsuit.
iHeartMedia spokesperson Wendy Goldberg told Radio Ink: “We are always exploring avenues for improving our capital structure that position the company for long-term growth. Following a ruling in our favor by the State District Court in Bexar County, Texas, in litigation with a small group of our senior lenders, we repurchased some of our debt, as we have done in the past and as permitted by our financing documents. On July 26, 2016, we filed a lawsuit in Bexar County to reaffirm our position that such debt repurchases are permissible. We believe these repurchases are in the best interests of the company and its stakeholders. We intend to take any other actions necessary to protect the company and will continue to explore opportunities to strengthen our capital structure.”
“iHeart is now asking for hundreds of millions of dollars in damages over the previous dispute it had with bondholders because that case delayed plans to refinance debt and cost the company money.” – What a joke. I am sure the bondholders could say the same thing and get away with it if the roles are reversed. The company executives continues to fleece the accounts until the wave rides out when the January 2018 debt payment is due. I doubt that anything will change till then for IHeart.
“iHeart is now asking for hundreds of millions of dollars in damages over the previous dispute it had with bondholders because that case delayed plans to refinance debt and cost the company money.” – What a joke. I am sure the bondholders could say the same thing and get away with it if the roles are reversed. The company executives continues to fleece the accounts until the wave rides when the January 2018 debt payment is due. I doubt that anything will change till then for IHeart.