Et tu, iHeart?

IHeartMedia is trying to emulate Cumulus in reaching a deal with its creditors, but so far no joy. On Thursday iHeart told the Securities and Exchange Commission that its major creditors rejected the company’s most recent restructuring plan, instead offering their own, which is naturally less advantageous to the struggling media giant. IHeartMedia proposed to give equity partners Bain Capital and Thomas H Lee Partners (THL) 12.5% of the company and its interest in Clear Channel Outdoor Holdings (CCOH), while 87.5% went to the creditor group. The proposal also included slashing the outstanding debt by half. The creditors countered with an ask for 95.3% of the company and 100% of the company’s interest in CCOH, with only 1% of the equity going to Bain and THL. To be continued. . .

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