iHeartMedia Creditors Vote To Approve Company's Reorganization Plan

Vote Approves Plan

Creditors of iHEARTMEDIA have voted to approve the company's Chapter 11 reorganization plan, the company announced TODAY (12/3).

The company said that every class of creditors voted to approve the Fifth Amended Joint Chapter 11 Plan of Reorganization, with over 90% approval from creditors and shareholders.  The voting results will be filed with U.S. Bankruptcy Court for the Southern District of TEXAS before its upcoming hearing to confirm the plan.

The plan will reduce iHEARTMEDIA’s funded debt by about $10.3 billion to $5.75 billion and will separate its radio and outdoor advertising businesses.  The company expects to emerge from bankruptcy in early 2019.

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