iHeart Gets Thumbs Up

Creditors of iHeartMedia have voted to approve the company's Chapter 11 reorganization plan with more than 90% approval from creditors and shareholders. Voting results will be filed with the U.S. Bankruptcy Court for the Southern District of Texas before its upcoming hearing to confirm the plan, which will reduce iHeartMedia's funded debt by approximately $10.3 billion. The plan will also separate the company's radio and outdoor advertising businesses. iHeart expects to emerge from bankruptcy in early 2019; the full plan is available here.