IHeartMedia, Lenders in Fight Over Disputed Share Transfer
Source: Bloomberg Business
A group of IHeartMedia Inc. creditors are going to battle with the debt-laden radio broadcaster over its decision to reduce the lenders’ hold on $500 million in assets by moving them from the parent company to a unit.
IHeart said it received notices of default from its bondholders, according to a filing Monday. The lenders claim that the company violated debt covenants by transferring the shares of Clear Channel Outdoor Holdings Inc. to its Broader Media LLC in December. The creditors represent at least 25 percent of the outstanding principal of four of the company’s priority guarantee notes.
The broadcaster, which is weighed down by more than $20 billion in debt, said it disputes the allegations and will contest the notices, according to the filing. The company filed a lawsuit Monday in state district court in Bexar County, Texas, seeking a declaratory judgment that it isn’t in default.
Read more: http://www.bloomberg.com/news/articles/2016-03-08/iheartmedia-unit-gets-notices-of-default-after-share-transfer
We've seen this juxtapose of assets that stuck it to others, in the Kay Bee Toys case, where Bain Capital acquired Kay Bee and owed mega millions to Big Lots {Consolidated Stores}.
It worked - and Big Lots got to suck wind.
Just sayin................
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laserhaas
(7,805 posts)The original price has been mashed out to more than $20 Billion in loans.
If they go Bankrupt - where does LameBlah and kind - go?
benld74
(9,904 posts)ALOT of the local people on the small local stations it owned were either fired or forced to take smaller hours. Similar to what ALL American workers have been forced to do. Yet, Limprags pay DID NOT change one iota. Nothing changed for him. Never felt a thing.
laserhaas
(7,805 posts)Now, being that they are (usually) bad business managers, it appears that iHeart is going to be BK'd.
When that does happen, Blah, Ham'it'to'a'T and Bleech - aren't going to be on solid ground, anymore.
After all, look where the millions into their pockets, got the GOP
Trump and the rest of the dump.
laserhaas
(7,805 posts)just sayin......
silvershadow
(10,336 posts)strip the assets off and move them to a safe place, and then bankrupt what little is left of the original company, keeping the assets for himself. He should be charged with something for this kind of thing.
laserhaas
(7,805 posts)Just this past week, sent a package to a different Assistant United States Attorney.
Instead of doing their job, web software shows the DOJ is researching me - heavily.
Shheeesssshhh!
silvershadow
(10,336 posts)
laserhaas
(7,805 posts)The Department of Justice refuses to investigate and prosecute;
because it is embarrassed about its own shortcomings.
Mitt was "retroactively" retired from August 2001, back to February 11, 1999.
MNAT.com law firm, is Goldman Sachs and Bain Capital's law firm, in "Deal"aware.
Romney and gang owned "The Learning Co" that merged with Mattel, in 1999;
and that deal was the "Worse corporate merger, of all time" (losing $4 Billion).
The merger happened in Delaware.
Colm Connolly was the Assistant United States Attorney, in Delaware, who buried The Learning company case;
and then he was made a partner of MNAT - in 1999.
On August 2, 2001, reportedly, Romney became "retroactively" retired;
and Colm Connolly became the top dog/full - United States Attorney, in Delaware
Where his office then refused to investigate and/or prosecute MNAT, Bain Capital and Mitt Romney.
See Colm Connolly's resume that details the FACTS above (HERE)
And see GWB's nomination of Colm Connolly, on August 2, 2001 (here)
silvershadow
(10,336 posts)laserhaas
(7,805 posts)Who owns Blackwater - that made former USAG Aschroft - their top dog.
