Forbearance + Five Days
• To the utter shock and surprise of… well, pretty much no one, iHeartMedia managed to squeeze another five days out of its creditors to work out a mutually satisfactory restructuring agreement and to figure out a solution for that $106 million interest payment that wasn’t made on February 1.
In a blessedly brief 8-K filing dated Wednesday, March 7, 2018, iHeartMedia and its “Consenting Lenders” extended the term of the Forbearance Agreement until [Monday] March 12, 2018 at 11:59pm CT and (ii) an event of default under the Credit Agreement other than those that resulted in the entry into the Forbearance Agreement.” Place your bets now on Monday’s outcome — A) resolution? or B) another extension?
