IHRTQ - iHeartMedia Files Bankruptcy - Suitors Welcomed
As was expected, iHeartMedia (IHRTQ) filed for bankruptcy this week. The company has over $20 million in debt and has been trying to negotiate with debt holders for over a year. The debt crunch finally came to a head in February and since then the company has been scurrying to negotiate a plan. In the midst of those negotiations, Liberty Media (LSXMA) and SiriusXM (SIRI) stepped into the mix. Liberty strengthened its position by acquiring more than $400 million of iHeart's debt. The Liberty Media plan essentially required a bankruptcy filing