SAN ANTONIO, TX (CelebrityAccess) — The clock continues to tick for radio and entertainment conglomerate iHeartMedia, which on Monday revealed that while it was “engaged in ongoing discussions with its stakeholders” that no deal had been reached to restructure its debt.
iHeartMedia is facing potential bankruptcy if they cannot secure a deal to restructure billions in outstanding debt before the deadline of 11:59 PM CST on March 12th.
“In connection with such discussions, iHeartMedia, Inc., the indirect parent of the Company, and the Company have been working on a proposed draft restructuring support agreement and related proposed draft restructuring term sheet with advisors to groups of the Company’s noteholders, lenders and equity holders,” iHeartMedia said in a regulatory filing with the Securities & Exchange Commission on Monday.
The struggling radio giant went on in the filing to caution investors about the prospects of a deal. “There can be no assurances that a consensual transaction or any agreement will be reached,” the company said.
The company has received several reprieves already after missing an interest payment on the February 1st that triggered a 30-day grace period. Hypebot reported that the most recent reprieve, which pushed the potential bankruptcy deadline to March 12th, may have been put in place to allow iHeartMedia to hold the 2018 iHeartRadio Music Awards, which took place in Los Angeles last night.