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iHeartMedia, Certain Lenders Enter Forbearance Agreement
RADIO ONLINE | Monday, March 5, 2018 |
iHeartMedia and certain lenders signed a Forbearance Agreement on Sunday to delay lenders from accelerating iHM's $20 billion in debt into default, according to a filing with SEC on Monday. Under the agreement, the lenders have agreed not to trigger an event of default from the company's February 1 decision to skip a $106 million interest payment on its 14% senior notes due 2021. The agreement ends March 7 at 11:59pm CT or by a default not listed in the agreement. iHM has also agreed not to make any other debt payments during the agreement's time frame.
As previously reported, despite a year of negotiations on a restructuring plan, a formal support agreement still isn't in place with the most-senior lenders. The company mised a February 1 interest payment and the 30-day grace period is running out. iHM also skipped payments on two more sets of bonds on Thursday.
Last week Liberty Media made a last-minute offer to senior creditors that would help salvage iHeartMedia by injecting cash and financing a trip through bankruptcy, but analysts have said the bid isn't high enough to win over creditors.
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