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iHeartMedia Expresses Doubt About Its Prospects

SAN ANTONIO, TX (CelebrityAccess) — iHeartMedia Inc., the company behind radio behemoth iHeartRadio and billboard advertising company Clear Channel Outdoor Holdings CCO, revealed that they plan to add language to their forthcoming quarterly earnings report that expresses doubt about the company's future prospects.

Marketwatch reported that iHeartMedia said in a regulatory filing that it continues to expect cash flow to be negative and is uncertain as to whether it will be able to refinance or extend the maturities of some of its borrowings, spelling trouble for the indebted company.

“Management anticipates that our financial statements to be issued for the three months ended March 31, 2017, will include disclosure indicating there will be substantial doubt as to our ability to continue as a going concern for a period of 12 months following the date the first quarter 2017 financial statements are issued,” the company said in its filing with the Securities and Exchange Commission.

As well, rating agency Moody's revealed that some of iHeartMedia's recent financial moves, including the swap in March of $476 million of senior unsecured notes due 2018 for senior secured priority guarantee notes due 2021 was an additional sign of distress at the company. – Staff Writers