Restructuring is the financial restructuring of debtors, the main terms of which are set out in this Term Sheet. Final documents means the documents (including any related agreements, instruments, schedules or exposures) necessary or desirable for the implementation of the restructuring, including the restructuring support agreement, the plan (including any additional plan), the disclosure statement, any insolvency court injunction approving the disclosure statement and the confirmation order, Terms that correspond to this term sheet and are acceptable in terms of form and content to Liberty. The terms of the reorganized company`s new corporate governance documents (including articles of association, instruments of incorporation, partnership agreements, and other organizational and governance documents) are acceptable to Liberty. This roadmap is indicative and any final agreement is subject to the final documents. The final documents contain conditions, assurances, guarantees and assurances that are customary for the transactions described here, that are consistent with the terms of the roadmap and are acceptable to Liberty. Under the terms of the plan, iHeartMedia will proceed with a comprehensive balance sheet restructuring that will reduce its debt from $16.1 billion to $5.75 billion and separate Clear Channel Outdoor Holdings, Inc. from iHeartMedia, and create two independent listed companies. The company could again extend the futures trading time and soften the terms for lenders in the hope of getting more help, as it has done before. On February 24, 2018, certain lenders and bondholders of the company received from Liberty Media Corporation a roadmap for the restructuring of the company. “iHeartMedia has created a very successful operational business and has seen year-over-year revenue growth in each of the last 18 consecutive quarters.
We have a traditional business of broadcasters in a true multi-platform media and entertainment company, both cross-platform and digital on the 21st anniversary of the convention. The 10th century, with unprecedented reach, products and services now available on more than 200 platforms, and the core iHeartRadio brand that connects our nearly 850 radio stations, our digital platform, our live events and our 129 million social followers. “said Bob Pittman, President and CEO…