Much interesting news on the iHeartMedia front already in the new year. The wildly overleveraged conglomerate ended 2015 with an announcement that it hoped to convince some of its shareholders to swap debt they hold against the company for stock. It’s assumed iHeart is still on track to try and float this proposal later this spring.
However, it would seem that some shareholders would like to take matters into their own hands. Just days after iHeart announced its swap-plan, the New York Post reported that several large stockholders planned to pressure the company to devote nearly $200 million this month toward debt reduction. This would shave off less than 1% of the $21+ billion the company owes, though it would be a small step toward ameliorating what one unnamed banker calls “clearly not a sustainable capital structure.”