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Report: IHeartMedia creditor getting closer to terms on restructuring

Published 08/11/2017, 01:17 PM
© Reuters.  Report: IHeartMedia creditor getting closer to terms on restructuring
BEN
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IHRTQ
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  • IHeartMedia's (IHRT -4.6%) biggest creditor is close to blinking in a long-ranging dispute over the company's mass of debt, the New York Post says.
  • Franklin Resources (NYSE:BEN) is working with PJT on a restructuring plan that could come as soon as next week, which would stave off bankruptcy possibly in return for equity control and more cash guarantees, a source told the paper.
  • IHeart has $20B in debt and Franklin owns $2.3B of that.
  • PJT is advising Franklin, previously disposed toward forcing a bankruptcy, to an alternate path that would allow IHeart to avoid the sale of its most profitable stations.
  • Now read: Aegean Marine +24% following Q2 results; Clarksons Platou upgrades


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