New York Post
April 12, 2101
If radio giant Clear Channel Communications can’t restructure its debt in the next few years, it will likely collapse, sources told the Post.
And that is exactly what some of its large creditors want.
Clear Channel, the nation’s largest radio station owner — and which locally operates WKTU and Z-100 — has been unsuccessfully negotiating with some lenders to refinance its crippling debt, a source said.
“There have been various initiatives over the last month,” said a second source close to the situation.
It’s unclear whether the private-equity owners, Bain Capital and THL Partners, or Clear Channel’s creditors first initiated the discussions. A spokesman for Bain and THL said, “There have been no discussions” between the owners and creditors since they clashed in December.
This article was posted: Monday, April 12, 2010 at 8:08 am