Of course, SpongeBob could avoid bankruptcy but he’d have to start making money at local stations, fire just about every employee and find a way to pay down $20.4 billion in debt.
Bankruptcy is the game plan.
But iHeart will look very different when they emerge.
What happens to their current employees, do they get whacked or are they part of Bob’s new plan.
How selling off all the assets like they are now doing helps a bankruptcy filing.
Here’s what they’ll likely do with those stations in the Aloha Station Trust.
Making sense of why Pittman sold iHeart’s tower real estate for $400 million and so easily gave up the estimated $12-15 million in rental income that local managers have no chance of replacing. What’s up with that?
One last raid on the company coffers being planned by owners Lee & Bain.
The ingenious plan to stiff debt holders like Citadel did.
And, what everyone wants to know – what is Pittman’s end game, what does he come away with and what’s the next move after you’ve gutted the company you can’t run. You may be surprised at the four divisions Pittman really wants to keep.
The timeline – which moves happen and in what order.
And what this means for employees – better times or more Fast Times at Pittman High.
Access this story now …
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