IHeart Creditors Vote to Support Restructuring Plan
IHeartMedia creditors support the radio broadcaster’s bankruptcy reorganization plan, the company announced Monday of the 90 percent-plus of the votes by creditors and shareholders who participated. Yes votes exceeded the amount needed, it said: The reorganization will reduce iHeart’s funded…
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debt by “approximately $10.3 billion -- to $5.75 billion” and separate the company’s radio and outdoor advertising businesses. “Final voting results will be filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, prior to the hearing to confirm the Plan,” the release said. The company expects to exit Chapter 11 in early 2019.