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IHeartMedia unit to continue talks about restructuring of capital structure

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.