{"id":14547,"date":"2016-03-02T06:20:18","date_gmt":"2016-03-02T11:20:18","guid":{"rendered":"http:\/\/streamingradioguide.com\/startingover\/?p=14547"},"modified":"2016-03-02T06:20:18","modified_gmt":"2016-03-02T11:20:18","slug":"the-brink-of-default","status":"publish","type":"post","link":"https:\/\/streamingradioguide.com\/startingover\/?p=14547","title":{"rendered":"The brink of default"},"content":{"rendered":"<p>Most corporate loan agreements have language requiring permission before corporate assets are transferred or the pecking order of who gets paid first is changed.  IHeart (aka Clear Channel) tried to pull a fast one segregating assets away from the lenders.<\/p>\n<p><a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-03-01\/iheart-said-to-enter-lender-pact-that-may-head-off-default-fight\">Bloomberg<\/a><\/p>\n<p>Lenders are not amused and were prepared to deliver a notice of default which would throw iHeart into restructuring and\/or bankruptcy.   The company and its finances are very complex.  Today people in high places will be trying to negotiate a compromise.<\/p>\n<p>Bob Pittman was the genius behind the AOL takeover of Time Warner, which was an unmitigated disaster.  A default would ripple widely.   I believe the original &#8220;take private&#8221; transaction in 2008 may have been a major trigger in the panic of September 2008.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most corporate loan agreements have language requiring permission before corporate assets are transferred or the pecking order of who gets paid first is changed. IHeart (aka Clear Channel) tried to pull a fast one segregating assets away from the lenders. &hellip; <a href=\"https:\/\/streamingradioguide.com\/startingover\/?p=14547\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[137,18],"tags":[],"class_list":["post-14547","post","type-post","status-publish","format-standard","hentry","category-clear-channel","category-radio-biz"],"_links":{"self":[{"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/posts\/14547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14547"}],"version-history":[{"count":2,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/posts\/14547\/revisions"}],"predecessor-version":[{"id":14549,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=\/wp\/v2\/posts\/14547\/revisions\/14549"}],"wp:attachment":[{"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/streamingradioguide.com\/startingover\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}