iHeartMedia CEO Bob Pittman said the capital structure of the company, which has reported year-to-year revenue growth for the past 18 consecutive quarters, has been burdened by a heavy debt load. Wendy Goldberg is iHeartMedia's executive VP-communications. The firm has struggled through years of losses and flat sales against streaming rivals such as Pandora and Spotify.
"The LBO put this massive debt on the balance sheet that the company was supposed to grow into", a lawyer for iHeartMedia told U.S. Bankruptcy Judge Marvin Isgur at a hearing in Houston on Thursday.
IHeart's Clear Channel Outdoor Holdings Inc. unit, which is 90 percent owned by the bankrupt company, wasn't included in the filing.
When reached by Daily Report, an iHeartMedia spokeswoman says the company will continue to operate business as usual, "including all of our stations".
Samsung to begin offering same-day repairs on Galaxy phones
The company will add more 200 uBreakiFix locations by early 2019, so more customers will get benefit from the service. The combination of iris recognition and facial recognition called the Intelligent Scan makes the S9 more secure.
Dog death drama prompts Olivia Munn to boycott United Airlines
She said the owner was instructed to put her dog there shortly after she boarded with two children, one of whom was an infant. A U.S. family say their dog was mistakenly flown to Japan instead of to their new home city of Kansas.
Snow warning for the Isle of Wight
Met Office forecasters have issued a Yellow weather warning for ice and snow, and it will come into force at 5pm on Friday. It may be spring, but this weekend is set to see a return to wintry conditions, and even the possibility of snow.
The company had 14,300 employees at the end of 2016, according to its most recent annual report. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. It also produces syndicated radio programs that feature "American Idol" host Ryan Seacrest and political personalities Rush Limbaugh and Sean Hannity. It's $20 billion in debt makes it the largest bankruptcy in the a year ago, and around the 30th largest ever.
The Texas-based company said in a statement dated Wednesday that it was confident it had enough cash on hand to stay operational and that it had reached understandings to halve its debt.
This filing comes following a proposal February 26 by Liberty Media Corp's John Malone of buying 40% in the restructured iHeartMedia group at a price of $1.16 billion.
Radio conglomerate iHeartMedia is seeking bankruptcy protection as part of an agreement with its lenders to reduce debt it took on to become a privately held company.