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iHeartRadio parent may be shaping up for a bruising fight with its lenders
• http://www.marketwatch.com, By CIARA LINNANEiHeartRadio parent iHeartMedia Inc. is back on the ropes.
The biggest operator of radio stations in the U.S. is having a hard time persuading creditors to get on board with exchange offers covering some $14 billion in debt it badly needs to refinance. On Thursday, the company extended the offers for a fifth time, as it became apparent that some who were previously willing to participate are now backing out of the deal.
iHeartMedia IHRT, -20.09% , which also owns billboard advertising company Clear Channel Outdoors, said just $47.1 million of notes, equal to 0.6% of the outstanding amount, had been tendered as of 5 p.m. on May 24. That's less than the $86.7 million that the company previously said had been tendered as of May 11.
The deadline for the exchange offers has now been pushed back to June 9 from May 26. The company will use the extra time to continue talks with lenders under two term loan facilities and the holders of its bonds.