iHeart Tower Sales Runs Into Trouble

What’s a poor, bankrupt company have to do to get out of the tower business anyway?

Looks like the critical $400 million sale of iHeart radio towers and real estate has hit the wall – and this time it’s going to cost them even more money.

The deal is still on but something fishy has happened.

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  1. Why is iHeart missing its closing date?
  2. Remember the two-part closing they talked about originally? What’s up with that now?
  3. What are the implications for iHeart markets that will have to give up in some cases millions of dollars in rental fees, make it up in sales and yet have no idea when push comes to shove.
  4. Why this land grab is so important to iHeart’s future bankruptcy options.
  5. The reward that Pittman and Bressler get if they deliver $400 million into the pockets of owners Lee & Bain.

The answers begin here.

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