October 12, 2018 / 9:52 PM / 6 months ago

IHeart’s creditors singing a happier tune in deal boosting recoveries

Bankrupt radio station operator iHeartMedia Inc has reached a key deal providing increased recoveries from a $17.5 million cash pool for certain unsecured creditors in exchange for support from their committee for its reorganization.

In a filing on Thursday in U.S. Bankruptcy Court in Houston, iHeart said its fifth amended reorganization plan provides a recovery for two subsets of holders of allowed unsecured claims that covers 45 percent and 55 percent of their claims.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2yBNcan

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