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Thursday, April 7, 2016

iHeartMedia and Creditors Still at Odds Over Asset Shift

Tuesday, April 5, 2016
Apr 5th 2016, 13:46, by radioinfo
iheartmedia logo smalliHeartMedia and Creditors Still at Odds Over Asset Shift.  According to a report from Bloomberg, iHeartMedia and a number of its creditors have broken off talks to try to resolve the rancor over iHeartMedia's shift of 100 million shares of Clear Channel Outdoor to a new subsidiary called Broader Media.  Creditors including D. E. Shaw, Canyon Capital, Franklin Advisers and Franklin Mutual sued iHeartMedia over the move claiming that it violates the debt covenants.  iHeartMedia argues that's not the case and the move is designed to allow the company to deal more effectively with its $20 billion in debt.  iHeartMedia told a Texas judge that if the creditors' bond defaults are allowed to proceed, it would cause as much as $15 billion of the company's debt to come due quickly and that would force the company into bankruptcy protection.  The creditors argue that is not what they are trying to accomplish.  iHeartMedia SVP and treasurer Brian Coleman says the company's maneuvers are part of its Project Indigo, a long-term strategy designed to allow it to study ways deal with its debt.
RadioInfo Career Moves.  Air personality Tammy Lively moves from Cumulus Media's country WFMS,livelytammy Louisville back to her home state of Indiana to host the afternoon drive show on the company's WWKI, Kokomo "100.5 KI."  Lively takes over for Sherry Foxx who recently moved to mornings to co-host "The Morning Fixx" with Nick Livingston…..Steel City Media's Kansas City adult contemporary KCKC "KC 102.1" is announcing its new talent lineup.  Bryan Truta is PD and morning co-host, partnered up with Jennifer Johnson.  In middays it's Jacqui Lucky, and Natalie R. holds down the afternoon drive daypart…..Syndicated adult contemporary morning show "Murphy, Sam and Jodi" adds six new affiliate stations including KQXT, San Antonio; WDMX, Parkersburg, West Virginia; and WISM-FM, Eau Claire, Wisconsin.
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