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iHeartMedia (promoters of Hannity, Limbaugh, Beck) is headed for iHeartBankruptcy!
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While I generally hate it when companies and their owners fuck a company so badly they screw over investors, one has to question the character of iHeartMedia's (formerly Clear Channel Communication) investors for supporting a company promoting scum like Hannity, Limbaugh and Beck. While Trump's business model was to dupe and fuck over private investors, making it so that he profited or walked away financially unscathed, while small family investors lost their homes and businesses... some of the chicanery that iHeart seems to be doing might just be as fugazi.
iHeartMedia, the struggling company that owns hundreds of radio stations and distributes the talk programs of Sean Hannity, Rush Limbaugh and Glenn Beck, took another step toward bankruptcy by formally notifying its bondholders that it would invoke a 30-day "grace period" clause to avoid paying a $106 million interest payment that was due on Thursday.
In announcing the delay, iHeart insisted that it had the cash but needed more time to complete a reorganization that it said would "proactively and comprehensively address iHeart's capital structure."
The move spooked financial analysts. S&P Global downgraded iHeart's stock to its lowest rating and warned investors that the radio giant was likely to default on its debts. Several analysts have begun speculating that iHeart will file for bankruptcy protection during the grace period.
iHeart, which was formerly known as Clear Channel Communications, suffered another setback in late December when its billboard advertising division, a separate publicly traded company, was sued for extending more than $1 billion in cut-rate loans to iHeart, which were supposed to be paid in full by Dec. 15.
In announcing the delay, iHeart insisted that it had the cash but needed more time to complete a reorganization that it said would "proactively and comprehensively address iHeart's capital structure."
The move spooked financial analysts. S&P Global downgraded iHeart's stock to its lowest rating and warned investors that the radio giant was likely to default on its debts. Several analysts have begun speculating that iHeart will file for bankruptcy protection during the grace period.
iHeart, which was formerly known as Clear Channel Communications, suffered another setback in late December when its billboard advertising division, a separate publicly traded company, was sued for extending more than $1 billion in cut-rate loans to iHeart, which were supposed to be paid in full by Dec. 15.
Much more at the jump:
https://www.salon.com/2018/02/03/iheartmedia-on-the-ropes-limbaugh-hannity-distributor-tries-to-stay-alive/
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