The prediction by multiple print publications that iHeart would file for bankruptcy this past weekend turned out to be wrong. As of this morning, there has been no such filing and late on Friday, iHeart had filed a document with the SEC that ‘reflects the company’s attempt to harmonize the views that it has received directly from the various groups of noteholders, lenders and the company’s equity holders.”
Here are some of the details from the document which indicates all sides are still trying to hammer out a last minute deal.
iHeart says the PGN/Term Lenders have been negotiating proposals without the company’s involvement but is not opposed to those efforts. The company would like to be kept informed of the negotiations and would like the groups to consider iheart’s latest proposal (see below).
A couple of key points from the filing. It states that the latest proposal provides less value to the equity holders than the company understands is being offered by the PGNs/Term Lenders under their RSA. And, the proposal provides less value to the junior creditors than what iHeart understands is being offered by the PGNs/Term Lenders under their RSA.
iHeart says it has been in regular contact with each of its creditor and equity constituents to develop a proposal that has the most support possible. Here is the most current proposal the company has made as it tries to “harmonize the views” of all involved.
