The radio operator collapsed into bankruptcy after a 2008 leveraged buyout overloaded the company with debt that topped $20 billion.
Sunday 24, March 2019
(Bloomberg) --US radio broadcaster iHeartMedia is considering paths to return to the public markets as it nears an end to bankruptcy court oversight.
In a statement, iHeart stated that it may pursue an initial public offering (IPO) or direct listing on a US exchange. As part of its reorganisation plan, the San Antonio-based company is required to use reasonable best efforts to list its Class A common stock after it emerges from bankruptcy.
In January, iHeart won court approval for a plan to cut about $10 billion of debt, which would allow it to emerge from the bankruptcy it filed for in March last year. It had previously attracted interest from Liberty Media, which had said it may acquire a 40 pe rcent stake in the business, but ultimately withdrew.