iHeartMedia To File For Bankruptcy This Weekend. $15 Billion In Debt.

iHeartMedia to file for bankruptcy this weekend.
$15 Billion In Debt.

WGCI Radio is under iHeartMedia Umbrella.

iHeartMedia Inc. is preparing to file for bankruptcy as soon as this weekend after months of negotiations with creditors who hold over $15 billion of the company’s debt, according to people familiar with the matter.

The nation’s largest radio-station operator its private-equity owners Bain Capital and Thomas H. Lee, and its lenders and bondholders are still in talks and there is still a possibility of striking a forbearance agreement that would delay a bankruptcy filing until after the weekend, the people said.
A spokeswoman for iHeart declined to comment.
Despite months of talks about fixing iHeart’s balance sheet, the company has been unable to strike a deal with its biggest creditor group -- led by investment firm Franklin Advisers Inc. -- and junior debt holders on how to divvy up the equity in iHeartMedia’s reorganized radio business.