IHeartMedia Inc. unit iHeartCommunications Inc. said it has yet to reach an agreement with its stakeholders regarding the restructuring of its capital structure.
According to a Form 8-K filed March 2, the company will continue to engage in talks and work to develop a transaction to allocate consideration among its various stakeholders.
In February, IHeartCommunications' board elected not to make a cash interest payment of $106 million to holders of its 14% senior unsecured notes due 2021. The payment, which was due Feb. 1, was not made as active discussions continued among its lenders, noteholders, and financial sponsors regarding a debt restructuring.
According to a recent report, Liberty Media Corp. is looking to buy a 40% stake in iHeartMedia for $1.16 billion in cash. Liberty Media also controls Sirius XM Holdings Inc., and a potential tie up with iHeartMedia could reportedly combine the large radio broadcaster with the leading satellite radio provider.
