According to Reuters, a group of iHeartMedia’s lenders has signed a “cooperation agreement” to oppose a debt restructuring agreement proposed by the nation’s No. 1 owner of AM and FM radio stations.
That news was met with a negative reaction from its shareholders on Monday, as IHRT’s OTC Pink shares slid 23.6%, to $2.10. Average volume was an exceptionally high 424,233 shares; normal trading volume for iHeart is 53,827 shares.
The company’s market cap stands at $190.3 million.
The drop in value for iHeart comes in sharp contrast to the gains seen across Wall Street on April 24, as the Dow Jones Industrial Average soared 216.13 points, to 20,763.89. The Nasdaq composite jumped 73.30 to 5,983.82.
Key gainers include Beasley Broadcast Group, up 7.2%, to $14.95, and Townsquare Media, which improved 3%, to $11.46.
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