Deals
IHeartMedia Gets More Time in Fight With Dissident Creditors
- Texas judge extends order blocking debtholders' default notice
- Senior lenders claim radio giant improperly shifted assets
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IHeartMedia Inc. won more time to try to convince a Texas judge that the company properly shifted shares valued at more than $500 million into a subsidiary beyond some creditors’ reach.
Andrew Entwistle, a lawyer representing Gamco Investors Inc., an intervenor in the case on the company’s side, said a temporary restraining order prohibiting debt holders from issuing default notices on the company was extended on Wednesday by agreement among the parties. A trial over the asset shift will be held in San Antonio on May 16.