RESTRUCTURING OF iHEART OK'D
iHeartMedia won a judge’s approval for a restructuring plan Tuesday and immediately extended the terms of Chairman/CEO Bob Pittman and President/COO/CFO Rich Bressler.
The restructuring plan for the country’s largest radio group, approved by Judge Marvin Isgur in Houston, reduces iHeart’s debt to $5.75b from $16.1b and makes a group of bondholders led by Franklin Advisers the new owners. iHeart is expected to exit bankruptcy sometime in the second quarter.
In a statement, Pittman said the decision “will give us a new capital structure that matches the strong operating performance of our business. iHeartMedia’s unique place in the advertising world perfectly positions us to take advantage of the renaissance underway in audio.”
The contracts of Pittman and Bressler were extended four years.
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