iHeartMedia gets extension on debt agreement
[Photo by: @iHeartMedia/Twitter]
iHeartMedia Inc. was given a 24-hour extension to land an agreement over the company's debt.
Read more: iHeartMedia reportedly preparing to file for bankruptcy
iHeartMedia filed a document with the Security and Exchange Commission on March 13, so that the company and its lenders have time to work out an agreement over the debt, Variety reports.
According to the website, the company is nearly $20 billion in debt because of its buyout in 2008, approximately $8.4 of which is due in 2019.
On March 2, Bloomberg reported iHeartMedia Inc. was "circulating documents for a bankruptcy filing."
The news source explained that iHeartMedia, the biggest U.S. radio broadcaster, missed its Feb. 1 interest payment and payment on two more sets of bonds as well.
This news wasn't as new as it seemed, however. Last April, Forbes talked more about how the company was struggling, with multiple red flags seeming to suggest "that the end may be near." They report that the company lost money in 2015, 2016 and the first quarter of 2017, without much hope for increased cash flow.
"If iHeart itself is willing to admit that there is 'substantial doubt' as to whether or not the company can continue as a going concern (a firm that can stay above water, essentially), there is no reason not to believe what it says," Forbes shared.