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iHeartRadio parent may be shaping up for a bruising fight with its lenders

iHeartRadio parent iHeartMedia Inc. is back on the ropes.

The biggest operator of radio stations in the U.S. is having a hard time persuading creditors to get on board with exchange offers covering some $14 billion in debt it badly needs to refinance. On Thursday, the company extended the offers for a fifth time, as it became apparent that some who were previously willing to participate are now backing out of the deal.

iHeartMedia IHRT, -20.09% , which also owns billboard advertising company Clear Channel Outdoors, said just $47.1 million of notes, equal to 0.6% of the outstanding amount, had been tendered as of 5 p.m.

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