IHRTQ - Clear Channel Outdoors: iHeartMedia Bankruptcy Implications
Since I last chronicled the Clear Channel Outdoor Holdings (CCO) saga in December of last year, the story has evolved in a pretty meaningful way. As a general review of my outlook, I advocated buying the company’s unsecured corporate debt while avoiding the equity. All things considered, my opinion there has not changed. While the valuations of both parts of the capital structure (equity and bonds) have improved materially since then, question marks will begin to emerge if shares of the common stock continue to press higher. There are a lot of