The nation’s largest owner of broadcast radio stations has scored a major victory in its quest to emerge from Chapter 11 debtor-in-possession status.
Houston-based U.S. Bankruptcy Judge Marvin Isgur on Tuesday signed off on dual orders granting iHeartMedia the right to use a special financial advisor. The judge also approved of iHeart’s request to retain the financial advisor it first proposed, giving them two to work with.
The official committee of unsecured creditors are most certainly displeased.
