In another attempt to deal with its debt, iHeart is asking senior debtholders to allow the company the flexibility to increase its debt – in the future if it chooses to – by $500 million to $17.3 billion. If the noteholders agree to the increase, they will receive $8.6 million in return. Read the details in an 8K filing iHeart made Tuesday.
The alternatives are, of course, worse – for a bunch of people.
This would not include those with directional parachutes and big, bumflee landing pillows.
So let’s get this straight… the lenders give iHeart/Clear Channel $500 million dollars more, and in return CC hands them back $17 million right now? … Funny!! Pittman and Clear Channel are making Oceans Thirteen look like child’s play!!