Bloomberg reports that iHeartMedia has begun talks with a group of its lenders including Pacific Investment Management Co. to attempt to restructure the debt payments coming due in May 2026.
Bloomberg had previously reported in May that a number of iHeartMedia’s creditors had retained financial adviser Evercore and law firm Milbank to advise them. The earlier report noted that of iHeart’s current $5.2 billion of debt, a $1.8 billion term loan is due in 2026, while an $800 million 6.375% note matures in 2026.
The new report states that as iHeart continues to face pressure from ad-revenue declines, multiple creditor groups have been created to fight over the money owed to them to ensure they their share.