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iHeartRadio costs jump in latest quarter, adding to suspicion its days are numbered

iHeartMedia Inc. on Thursday followed through with its promise to include “going concern” language in its next quarterly earnings, with the warning in its first-quarter report of “substantial doubt” as to its ability to survive another year.

The biggest operator of radio stations in the U.S. IHRT, +0.00% is struggling with a $20 billion debt burden it took on as part of a $24 billion leveraged buyout of then Clear Channel Communications Inc. by private-equity firms Bain Capital and Thomas H. Lee Partners in 2008. The company is struggling to refinance or extend maturities on some of its borrowings and is currently pushing creditors to participate in a number of proposed exchange offers.

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