iHeartMedia requests exclusivity extension to avoid competing plans

By Caroline Salls

Pittsburgh, Oct. 25 – iHeartMedia, Inc. is seeking a 75-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, iHeartMedia asked the court to extend its exclusive plan-filing period through Feb. 7 from Nov. 24 and the solicitation period through April 8 from Jan. 23.

Although the iHeart debtors have not yet confirmed their fifth amended plan of reorganization, the company said they, along with their advisers, “are diligently working toward the confirmation hearing on Dec. 11 and are currently in the midst of the solicitation process.”

“The debtors seek a further extension to ensure that the debtors can build upon the substantial progress made to date without distraction from other competing plans,” the motion said.

A hearing is scheduled for Nov. 19.

iHeartMedia is a media and entertainment company based in San Antonio. The company filed bankruptcy on March 15, 2018 under Chapter 11 case number 18-31274.

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