iHeartRadio parent warns it may not survive another year

Posted April 21, 2017 10:33 am by Comments

iHeartMedia Inc. , the operator of radio and television stations, is planning to include language in its next quarterly report warning investors that it may not survive another year, according to a regulatory filing. The company, which owns iHeartRadio and outdoor advertising company Clear Channel Outdoor Holdings , said it continues to expect cash flow to be negative and is uncertain as to whether it will be able to refinance or extend the maturities of some of its borrowings. The company has almost $350 million of debt coming due this year, part of a massive $20 billion debt load it took on as part of a $24 billion leveraged buyout of then Clear Channel Communications Inc. by private equity firms Bain Capital and Thomas H. Lee Partners in 2008.
“Management anticipates that our financial statements to be issued for the three months ended March 31, 2017 will include disclosure indicating there

...[Read the Rest] Source: Marketwatch

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