![]() ![]() ![]() Speaking on a March 1 earnings call, Liberty Chief Executive Officer Greg Maffei cited “substantial synergies” between the ailing iHeart and two other Malone investments: the majority-owned satellite radio giant SiriusXM Holdings Inc. But one holdout group, owed $190 million, has refused to join the deal and probably will fight the restructuring, Coleman said. The company came to terms with its senior lenders just hours before filing for bankruptcy, company treasurer Brian Coleman said in court papers filed Thursday. They include top-40 powerhouse KIIS-FM (102.7), soft rock outlet KOST-FM (103.5) and talk radio stalwart KFI-AM (640). The company owns more than half a dozen Los Angeles radio stations, according to its website. While cash has run short, iHeart said there’s enough on hand, along with what it can earn from operations, to keep the business going, cutting the need for expensive new bankruptcy loans. ![]() Their leveraged buyout in 2008 was the reason for much of iHeart’s borrowing, and the company hasn’t posted an annual net profit for a decade. After trying to ink a deal with creditors since last March, the company said it reached an accord with investors holding more than $10 billion of its debt, along with its private equity owners, Bain Capital and Thomas H. ![]()
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