IHeartMedia Bankruptcy Watch: Big lenders corral little lenders.

According to a report in Bloomberg News, the senior lenders to iHeartMedia are attempting to get all the creditor groups on the same page to facilitate the debt restructuring, leading to a pre-bankruptcy filing, leading to a bankruptcy itself. If you recall, this entire chain of events—as inevitable as it has seemed for some time—was triggered by a decision made by the iHeartMedia board in late January not to make a cash interest payment to its senior lenders even though they said they had the money to do so.