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:

First Day Motions

First Day Orders

Dates

April
12

Final Hearing on First D...

2:00 PM (CT)
April
17

Meeting of Creditors

10:00 AM (CT)
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)

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 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