Clear Channel debt restructuring looks necessary, Moody's says

[madokie]

Rush bringing CCC inc. down? It couldn't happen to a better pair
I'd laugh but that would mean I'm gloating. Gloating it is (-:

Clear Channel Communications Inc. will likely need to restructure its debt as the radio and billboard company struggles to refinance $10.1 billion of obligations due in 2016, according to Moody's Investors Service.

If the company is to have a "realistic" chance of refinancing the obligations, its performance will need to improve "well above" current levels, Moody's analysts led by Scott Van den Bosch and Carl Salas wrote in a Nov. 30 report. The company may only be able to refinance under the best-case scenario, they said.

"The possibility of a restructuring or a distressed exchange remains high," the analysts wrote. The "restructuring will be challenging as debt levels will exceed our expected asset value."

(Snip)

Clear Channel was acquired in a $17.9 billion leveraged buyout in 2008 by Bain Capital LLC and Thomas H. Lee Partners LP.

A tad more: http://www.tulsaworld.com/business/article.aspx?subjectid=52&articleid=20121204_52_E3_ClearC50267

[lib2DaBone]

1. Clear Channel gobbled up every radio station in the country

..thousands and thousands of large and small radio stations.

Where a small town once had 3 radio stations with different owners and a variety of news... they now have Clear Channel and FOX FUCKING NEWS.

We can only hope their grip on American media will someday disintegrate.

Local merchants and advertisers HATE Clear Channel, the listeners hate the sterile white-bread programming... so it's a lose-lose situation.

[dixiegrrrrl]

2. I love early Christmas presents!

and am wondering if that is the ONLY Bain acquired debt facing disaster.

Oh please please please let there be more.