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iHeartMedia's Legal Win Against Creditors Upheld

The Fourth Court of Appeals in San Antonio has upheld a court ruling blocking debtholders from forcing iHeartMedia Inc. into bankruptcy, reports the San Antonio Express News. The court affirmed a May, 2016 court ruling by Bexar County State District Judge Cathleen Stryker that blocked debtholders from filing default notices against the radio giant. The suit was triggered in December, 2015, after after iHM made an intercompany transfer of $516 million of stock in Clear Channel Outdoor Holdings Inc., to another unit.

At the time, debtholders, mainly hedge funds, said the transfer violated contract terms of the debt because the transfer did not meet a profit-seeking requirement and issued default notices.

"After reviewing the four corners in the indentures, we conclude that the pertinent language in the indentures is not ambiguous," the appellate judges wrote in the court's opinion, adding that seeking a profit was not required for a transfer of assets.

"We're pleased with the court's decision," an iHeartMedia spokeswoman told the newspaper an email Wednesday.

Changes & Moves
Chuck Powell
Chuck Powell
KJR-AM (Sports Radio 950)/Seattle will debut of the new "Chuck and Buck" in mornings and Jason Puckett in middays, effective March 26. Chuck and Buck will air weekdays from 6-10am More

Quick Snaps
Westwood One: Laura Okmin co-hosted Westwood One's Today in PyeongChang, a nightly two-hour live broadcast that airs each day and providing coverage of the XXIII Olympic Winter Games. Pictured is Okmin with alpine skier Lindsey Vonn, who won a bronze medal in the downhill.