IHRTQ - These Bonds In Bankruptcy Have Soared And May Go Even Higher
While the filing for Ch. 11 bankruptcy by iHeartMedia Inc. (IHRTQ) on March 14 was widely expected after missing interest payments in February and multiple exchange offers failed, the final bankruptcy reorganization plan is still up in the air. The current restructuring support agreement gives current shareholders a token 1% of the new equity and the notes that I own, 14%'21, get new equity and new debt.
According to a Bloomberg report released after the close on Friday, John Malone's Liberty Media (FWONA) may be willing to increase his offer to