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 reflecting widespread support for a comprehensive balance sheet restructuring that would reduce iHeartMedia’s debt 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 “Court”). 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.

On October 18, 2018, iHeartMedia filed its Fifth Amended Joint Chapter 11 Plan of Reorganization (the “Plan”) and related Disclosure Statement. The Court began a hearing to consider confirmation of the Plan and on January 22, 2019, entered an order confirming the Plan, which will definitively restructure iHeartMedia’s debt and further enhance the Company’s position as America’s number one audio company. With its Plan approved, iHeartMedia expects to complete its restructuring process in the first half of 2019.

iHeartMedia serves audiences, advertisers and other business partners across its industry-leading platforms. With broadcast radio, podcast, influencers, live events, social marketing, digital platforms and data capabilities, iHeartMedia uniquely meets the needs of digital and traditional marketers and has a greater consumer reach in the U.S. than any other media outlet.

For additional information:

• Click here to view the Company’s Plan Confirmation Press Release.

• 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

Deadline to File Claims

The Bankruptcy Court has set the following deadlines for filing proofs of claim against the Debtors:

  • General Claims Bar Date: June 29, 2018 at 5:00 p.m. (Central Time)
  • Governmental Claims Bar Date: September 11, 2018 at 5:00 p.m. (Central Time)

Click on "Submit a Claim" above to download a proof of claim form and for more information regarding filing a claim against the Debtors.

Plan and Disclosure Statement

On April 28, 2018, the Debtors filed their Plan of Reorganization and accompanying Disclosure Statement, both of which have been subsequently amended, supplemented, and modified.  On September 20, 2018, the Bankruptcy Court entered an order approving the Disclosure Statement and authorizing the Debtors to commence the solicitation of their Plan of Reorganization.  Following the November 16, 2018 voting deadline, the Debtors filed their memorandum of law in support of confirmation along with supporting declarations.  On January 10, 2019, the Bankruptcy Court conducted a hearing regarding confirmation of the Plan of Reorganization, which has been continued to January 17, 2019 at 9:00 AM (CT), January 22, 2019 at 8:30 AM (CT), and January 23, 2019 at 2:30 PM (CT).  On May 1, 2019, the Effective Date of the Plan occurred, and the Plan was consummated.

Please click on the link below to access the Plan and Disclosure Statement documents:

Plan & Disclosure Statement

Hearing on First Day Motions

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  was 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:

First Day Motions

First Day Orders

Notice of Extension of FCC Certification Deadline 

To enable the Debtors to issue certain new equity securities pursuant to the Plan of Reorganization in compliance with the media and foreign ownership limitations set forth in the Communications Act of 1934, as amended, and the rules of the Federal Communications Commission, the Debtors must collect certain information from the potential recipients of those new equity securities.  Please click here for further information regarding the purpose and the procedures for collecting the above-referenced certifications.   Please also note that the deadline to tender your notes and/or shares into DTC’s ATOP (if applicable) and the deadline to submit your paper copy certification form (as required by the Court-approved procedures) have been extended to February 11, 2019 at 5:00 PM ET and February 15, 2019 at 11:59 PM ET, respectively. Please click here for the most recent notice of extended deadlines.

Dates

March
14

Petition Date

___________
May
1

Effective Date

___________
March
14
___________

Petition Date

March
15
2:00 PM (CT)

Hearing on First Day Motions

March
27
9:30 AM (CT)
April
12
2:00 PM (CT)

Final Hearing on First Day Motions

April
17
10:00 AM (CT)
May
17
11:00 a.m. (CT)

Hearing

May
30
10:00 a.m. (CT)
June
18
3:30 p.m. (CT)
June
27
11:30 a.m. (CT)

Omnibus Hearing

July
11
10:45 a.m. (CT)

Hearing

August
8
4:00 p.m. (CT)

Status Conference

September
20
10:00 a.m. (CT)

Telephonic Hearing

March
7
11:00 a.m. (CT)

Hearing on Claim Objections

April
16
1:30 p.m. (CT)

Hearing on Claim Objections

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, LLC 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 M 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
18-31274 All Debtors March 14, 2018