New York Post reporter Josh Kosman says he has a source telling him that iHeartMedia, which has bought "a sizable portion of its unsecured debt is planning to convert that debt it into equity." That, his story says would lower its interest payments to the point that it would reach breakeven. The Post, which was not able to get comment from iHeart on the story, said that would help the company restructure the rest of its debt and extend maturities on more senior loans. The Post story says iHeart can become cash-flow positive if it converts $2.4 billion in unsecured debt — for which it pays more than $100 million in annual interest — into equity.
