iHeartMedia Adds Two New Board Members
May 19, 2016 at 4:05 AM (PT)
While the trial of its suit against its creditors over the latter's attempt to declare it in default continues in BEXAR COUNTY, TX court (NET NEWS 5/18), iHEARTCOMMUNICATIONS has informed the SEC in a Form 8-K that it has added two new seats to its board. It has appointed MIDSTATES PETROLEUM CO. LLC Pres./CEO FREDERIC "JAKE" BRACE and consultant CHARLES H. "CHUCK" CREMENS to the new directors' posts. The new directors will also join the board of managers of iHEARTMEDIA CAPITAL I,LLC and the board of directors of iHEARTMEDIA, INC.
BRACE has most recently served as Chairman/CEO of BEAUCASTEL LLC and SANGFROID ADVISORS LTD. and as Pres./CEO of MIDSTATES PETROLEUM CO., INC., which recently filed for Chapter 11. He is best known as the EVP/CFO of UNITED AIRLINES, being named CFO in 2001, the year before the airline filed for Chapter 11 bankruptcy. BRACE served through the airline's restructuring, which included battles with the airline's unions over deep salary and pension cuts and controversy over his and other executives' pay and bonuses while the company went through the process. He also served as Chief Restructuring Officer of A&P, the former grocery giant that he led through the process of bankruptcy (it folded after his departure, when it again filed for bankruptcy and sold off its locations).
CREMENS is a restructuring and crisis management specialist who piloted the restructuring of SPIRIT FINANCE GROUP and the bankruptcy and liquidation of CONSECO FINANCE. He has also served in executive capacities at GREEN TREE SERVICING LLC, BEACON PROPERTIES CORP., AETNA, and the BANK OF BOSTON.