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 completed 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:
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:
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.
Hearing on First Day Motions
Interim Hearing on Cash Collateral Motion
Final Hearing on First Day Motions
Meeting of Creditors
Hearing on Retention Applications
De Minimis Asset Sale Hearing
Hearing on DIP Motion
Hearing on Incentive Plan
General Claims Bar Date
Preliminary Disclosure Statement Hearing
Governmental Claims Bar Date
Final Disclosure Statement Hearing
Hearing on Interim Fee Applications
Motion to Extend Time
FCC ATOP Deadline
FCC Certification Deadline
Distribution Record Date
Hearing on Claim Objections
Hearing on Claim Objections
Kirkland & Ellis LLP (Chicago)
300 North LaSalle Street
Chicago, IL 60654
James H.M. Sprayregen, P.C.
Anup Sathy, P.C.
Brian D. Wolfe
Kirkland & Ellis LLP (New York)
601 Lexington Avenue
New York, NY 10022
Christopher J. Marcus, P.C.
Jackson Walker L.L.P.
1401 McKinney Street, Suite 1900
Houston, TX 77010
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
United States Bankruptcy Court, Southern District of Texas
515 Rusk Avenue
Houston, TX 77002
|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|