SAN ANTONIO, TX (CelebrityAccess) — Financially troubled radio broadcast giant IHeartMedia Inc. may be preparing for a bankruptcy filing as early as this weekend.
According to a report by Bloomberg, advisors to some of iHeartMedia have seen filings that would be submitted on the first day of bankruptcy court proceedings.
iHeartMedia has in recent regulatory filings, expressed to their investors that the had substantial doubt about their ability to continue as a going concern. On February 1st. the company missed a key interest payment, starting a thirty day grace period, which expires today.
As well, Bloomberg reported that the company defaulted on payments for two additional sets of outstanding bonds.
Bloomberg reported that iHeart has been in negotiation with creditors to restructure its debt, but if the company enters bankruptcy without a reorganization plan in place, it could turn into a protracted court battle over the company’s assets.
iHeart operates the largest radio conglomerate in the U.S., as well as a live events company that produces branded music festivals and awards shows.
