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11th Hour Reprieve For iHeartMedia

NEW YORK (CelebrityAccess) IHeartMedia, on the verge of bankruptcy, has reportedly received a last-minute reprieve.

IHeartMedia was expected to file Chapter 11 bankruptcy protection but a filing with the SEC shows the company has received a forbearance agreement that extends the filing to March 12 at 11:59 p.m., according to Billboard.

The company had an agreement with its creditors, which expired last night, that would have delayed it from defaulting on its credit agreement. The extension means the company and its creditors can continue on a restructuring plan that could create a BK plan with the company’s reorganization already in place or could result in a “full-blown war” between the creditors, Billboard said.

As it stands, the company’s billboard advertising operation, Clear Channel Outdoor Holdings, is expected to be spun off. The bankruptcy plan also calls for some debtors to receive iHeart stock and for the company to get a new senior secured asset revolving facility and a new secured $5.75 million in debt, the trade mag noted.