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iHM, Lenders Extend Forbearance Agreement Again

iHeartMedia has reached another forbearance with certain lenders on Wednesday morning, according to a filing with the SEC. It gives iHeartMedia another day to reach a deal over its $20 billion in creditors. Without an agreement, it's likely that iHeartMedia will be forced into bankruptcy this week. A proposed reorganization plan filed with forbearance documents reduces iHM's debt from $20.6 billion to $5.8 billion. Additionally, the company's outdoor unit, Clear Channel Outdoor Holdings, would be spun off. Bondholders would receive stakes in Clear Channel and equity in a newly recapitalized iHeartMedia.

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 missed a February 1 interest payment and the 30-day grace period is running out. iHM also skipped payments on two more sets of bonds last week.

Changes & Moves
Seth Hughes
Seth Hughes
Seth Hughes takes middays at Hubbard Radio's KNUC-FM (Country 98.9) Seattle. He most recently spent time in the afternoon and morning drive slots at the former 94.1 KMPS. 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.