IHeartMedia working under forbearance extension until tonight

IHeartMedia (OTCPK:IHRT) is still amid contentious restructuring talks after extensions to a forbearance pact with lenders.

After word that a bankruptcy filing might be coming as soon as the weekend before last, forbearance was extended to yesterday.

Then it was extended once more, to 11:59 Central time tonight. The company"s trying to work out a transaction with principal creditor and equity constituents but isn"t there yet.

Bloomberg reports the equity stake being offered to private-equity owners is down to 1% (still better than the take in a bankruptcy).

Shares fell 1% today and market cap is down to $44.4M.

Nguồn: seekingalpha.com