SAN ANTONIO, TX (CelebrityAccess) — San Antonio-based iHeartMedia Inc.’s financial woes seem increasingly dire as the company was forced to extend a deadline on a $14.6 billion distressed debt exchange offer after it generated little interest from investors.
More troubling for the company are the investors who had initially expressed interest, but have started to back away from the deal. The deadline extension was the fifth time iHeartMedia has extended the window in their effort to refinance.
iHeartMedia currently bears a debt load of more than $20.4 billion in outstanding debt as of March 31 and if the company's executives are unable to reach an agreement with investors on a debt restructuring program, they will be forced to seek bankruptcy protection.
In February, iHeartMedia disclosed to investors that the company had "substantial doubt" about their ability to remain a going concern.
iHeartMedia employs roughly 19,500 workers and owns more than 850 radio stations in 150 U.S. markets, as well as a streaming radio company and a live events component that produces events such as Jingle Bell Ball and the iHeartRadio Music Festival. – Staff Writers