Court OKs iHeart Reorganization Plan
Under the terms of the Plan, iHeartMedia will complete a comprehensive balance sheet restructuring that will reduce its debt from $16.1 billion to $5.75 billion and will separate Clear Channel Outdoor Holdings, Inc. from iHeartMedia, creating two independent public companies. With the confirmation of the Plan, the Company expects the Chapter 11 process to be completely finished within the first half of 2019, subject to completion of certain steps related to the separation of Clear Channel Outdoor Holdings, Inc., FCC registration and satisfaction of other customary conditions.
Following iHeartMedia’s completion of the restructuring process, Pittman and iHeartMedia President/COO/CFO Rich Bressler will remain in their respective roles and have their contracts extended by four years.