Clear Channel Media (the parent company) has had its credit rating dropped by S&P to “highly speculative”
http://online.wsj.com/article/BT-CO-20090608-713785.html
Stock analysts and bond rating companies tend to be optimistic, and only downgrade when it is beyond obvious, and to not do so would get them sued. “Highly speculative” really means “Default is imminent”. I don’t know the details of the Clear Channel lending facility, but at least in one other company, merely the act of a Rating agency downgrading their credit was all that was needed to trigger default.
I hope Rush and Glenn Beck’s Plan B is in place.
London’s Financial Times has an update:
http://www.ft.com/cms/s/0/b00c062e-547b-11de-a58d-00144feabdc0.html
I believe their interest is because some of the debt is in the hands of European banks who probably would like to split off Clear Channels’ Outdoor advertisting business
