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iHeartMedia - Possible Bankruptcy
http://www.chron.com/business/article/iHeartMedia-faces-possible-bankruptcy-7229394.php
Shares of San Antonio’s iHeartMedia are now trading near $1 as the
company fights a legal battle it says could trigger quick repayment of
as much as $15 billion of its debt and force the company into
bankruptcy, one of the company’s lawyers said in court Monday.
The embattled company’s stock, around $1.20 a share, has been trading
near all-time lows since the radio and billboard giant reported a
third-quarter loss of $221.9 million on Nov. 5 that missed investor
expectations.
iHeartMedia, which peaked at $18.95 a share in 2008, is currently
suing 15 of its bondholders to stop them from formally declaring some of
the company’s bonds to be in default, which is kind of like missing a
mortgage payment. Investors say the company violated its credit
agreements after iHeartMedia transferred some company stock from its
billboard unit in December to another unit so it could issue new debt.
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