Case Background
On March 14, 2018, iHeartMedia, Inc. announced that it reached an agreement in principle with the majority of its creditors and its financial sponsors that reflects widespread support for a comprehensive balance sheet restructuring that will reduce iHeartMedia’s debt by more than $10 billion and give iHeartMedia a capital structure that matches its strong operating business.
To implement this agreed upon restructuring, iHeartMedia and certain of its subsidiaries (collectively, the “Company”) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. The cases are pending before the Honorable Marvin Isgur, and the cases are jointly administered under Case No. 18-31274. Clear Channel Outdoor Holdings, Inc. and its subsidiaries did not commence Chapter 11 proceedings.
iHeartMedia is America’s #1 audio company, with unparalleled reach and a strong operating business, generating year-over-year revenue growth in each of the last 18 consecutive quarters. The Company will be operating business as usual as a leading global media, entertainment and data company, serving audiences, advertisers, and other business partners across its industry-leading platforms. iHeartMedia expects to have sufficient liquidity to support ongoing operations during the court-supervised process.
For additional information:
• Click here to view the Company’s Filing Press Release.
• Click here for Restructuring Frequently Asked Questions.
Media inquiries should be emailed to WendyGoldberg@iheartmedia.com.
Important Information & Dates
A hearing on the Debtors' First Day Motions was held on March 15, 2018 at 2:00 PM (CT) before the Honorable Marvin Isgur, United States Bankruptcy Court for the Southern District of Texas (Houston Division). A final hearing on certain of the First Day Motions will be held on April 12, 2018 at 2:00 PM (CT). Please click below to view and download the Debtors' First Day Motions and First Day Orders:
Dates
Interim Hearing on Cash Collateral Motion
Parties
Debtors' Counsel
Kirkland & Ellis LLP
300 North LaSalle Street
Chicago,
IL
60654
https://www.kirkland.com
Phone: 312.862.2000
Fax: 312.862.2200
James H.M. Sprayregen, P.C.
Anup Sathy, P.C.
Brian D. Wolfe
William A. Guerrieri
Kirkland & Ellis LLP
601 Lexington Avenue
New York,
NY
10022
https://www.kirkland.com
Phone: 212.446.4800
Fax: 212.446.4900
Christopher J. Marcus, P.C.
Jackson Walker L.L.P.
1401 McKinney Street, Suite 1900
Houston,
TX
77010
https://www.jw.com
Phone: 713.752.4200
Fax: 713.752.4221
Patricia B. Tomasco
Matthew D. Cavenaugh
Jennifer F. Wertz
United States Trustee and Court Information
Office of the United States Trustee
515 Rusk Street, Suite 3516
Houston,
TX
77002
https://www.justice.gov/ust-regions-r07/region-7-southern-district-texas-houston-division
Phone: 713.718.4650
Fax: 713.718.4670
United States Bankruptcy Court, Southern District of Texas
515 Rusk Avenue
Houston,
TX
77002
http://www.txs.uscourts.gov/offices/houston-division
Phone: 713.250.5500
Debtors
Case Number |
Debtor Name |
Petition Date |
|---|---|---|
| 18-31274 | iHeartMedia, Inc. | March 14, 2018 |
| 18-31277 | AMFM Broadcasting Licenses, LLC | March 14, 2018 |
| 18-31278 | AMFM Broadcasting, Inc. | March 14, 2018 |
| 18-31279 | AMFM Operating, Inc. | March 14, 2018 |
| 18-31280 | AMFM Radio Licenses, LLC | March 14, 2018 |
| 18-31281 | AMFM Texas Broadcasting, LP | March 14, 2018 |
| 18-31282 | AMFM Texas Licenses, LLC | March 14, 2018 |
| 18-31283 | AMFM Texas, LLC | March 14, 2018 |
| 18-31284 | Capstar Radio Operating Company | March 15, 2018 |
| 18-31285 | Capstar TX, LLC | March 14, 2018 |
| 18-31286 | CC Broadcast Holdings, Inc. | March 14, 2018 |
| 18-31287 | CC Finco Holdings, LLC | March 14, 2018 |
| 18-31288 | CC Licenses, LLC | March 14, 2018 |
| 18-31289 | Christal Radio Sales, Inc. | March 15, 2018 |
| 18-31290 | Cine Guarantors II, Inc. | March 15, 2018 |
| 18-31291 | Citicasters Co. | March 15, 2018 |
| 18-31292 | Citicasters Licenses, Inc. | March 15, 2018 |
| 18-31293 | Clear Channel Broadcasting Licenses, Inc. | March 15, 2018 |
| 18-31294 | Clear Channel Holdings, Inc. | March 15, 2018 |
| 18-31295 | Clear Channel Investments, Inc. | March 15, 2018 |
| 18-31296 | Clear Channel Metro, Inc. | March 15, 2018 |
| 18-31297 | Clear Channel Mexico Holdings, Inc. | March 15, 2018 |
| 18-31298 | Clear Channel Real Estate, LLC | March 15, 2018 |
| 18-31299 | Critical Mass Media, Inc. | March 15, 2018 |
| 18-31273 | iHeartCommunications, Inc. | March 14, 2018 |
| 18-31275 | iHeartMedia Capital I, LLC | March 14, 2018 |
| 18-31276 | iHeartMedia Capital II, LLC | March 14, 2018 |
| 18-31301 | iHeartMedia Management Services, Inc. | March 15, 2018 |
| 18-31302 | iHM Identity, Inc. | March 15, 2018 |
| 18-31303 | Katz Communications, Inc. | March 15, 2018 |
| 18-31304 | Katz Media Group, Inc. | March 15, 2018 |
| 18-31305 | Katz Millennium Sales & Marketing, Inc. | March 15, 2018 |
| 18-31306 | Katz Net Radio Sales, Inc. | March 15, 2018 |
| 18-31307 | MÂ Street Corporation | March 15, 2018 |
| 18-31308 | Premiere Networks, Inc. | March 15, 2018 |
| 18-31309 | Terrestrial RF Licensing, Inc. | March 15, 2018 |
| 18-31310 | TTWN Media Networks, LLC | March 15, 2018 |
| 18-31311 | TTWN Networks, LLC | March 15, 2018 |
| 18-31300 | iHeartMedia + Entertainment, Inc. | March 15, 2018 |