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iHEART WINS DEBT LAWSUIT

iHeartMedia has triumphed in a lawsuit over debt transfer, a subject that will be broached in the next five singles produced by Max Martin.

Texas District Judge Cathleen Stryker ruled that the bondholders cannot file default notices against iHeart over the December 2015 transfer of assets to Broader Media. iHeart transferred 100 million shares of Clear Channel Outdoor Holdings to Broader Media for the purpose of issuing new debt to pay back its expiring debt. The company owes $20.75b, which would have come due immediately if the bondholders won the case.

 “The strong performance of our operating business provides us with the flexibility to manage our capital structure in a prudent manner,” iHeart said in a statement.  “In full compliance with our financing agreements, we will continue to evaluate opportunities to strengthen our balance sheet.

“We look forward to constructive discussions with our lenders as we continue to position iHeartMedia for long-term growth.”

 

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