iHeartMedia gets shorter-than-requested extension of exclusive periods

By Caroline Salls

Pittsburgh, July 10 – iHeartMedia, Inc. obtained a shorter-than-requested extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, iHeartMedia’s exclusive plan-filing period was extended through Nov. 24 and the solicitation period through Jan. 23, 2019.

The company originally asked the court to extend the exclusive periods by 180 days, through Jan. 8, 2019 and March 9, 2019, respectively.

“The debtors are continuing to proceed through these Chapter 11 cases at a steady pace while working to negotiate open items in the plan, pursue value-maximizing alternatives and build greater consensus for their restructuring,” the motion said.

In addition, the company said it has worked to update its Chapter 11 plan and disclosure statement for various developments and based on ongoing discussions with creditors.

“Extending the exclusivity periods will afford the debtors and their stakeholders time to negotiate and finalize the items that are currently open in the plan and the disclosure statement, pursue confirmation of the plan and proceed toward emergence in an efficient, organized fashion,” the motion said.

iHeartMedia is a media and entertainment company based in San Antonio. The company filed bankruptcy on March 15 under Chapter 11 case number 18-31274.

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