IHeart in Confidential Talks With Pimco-Led Creditor Group
- Investors have been gearing up for possible debt restructuring
- Multiple creditor groups have formed amid earnings pressure
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Highly leveraged iHeartMedia Inc. has started confidential talks with a group of lenders led by Pacific Investment Management Co., according to people familiar with the situation who asked not to be identified discussing a private matter.
Private discussions typically involve crafting a debt-restructuring proposal that would be shared with a wider group of debtholders if a deal in principal is reached.