• Reuters, Wednesday, February 24, 2010 11:22 PM

A restructuring of radio broadcaster Clear Channel Communications is inevitable, though its private-equity owners Bain Capital and Thomas H. Lee Partners may delay it as long as possible, Moody's Investors Service said in a new report. Issuing additional debt would only postpone a restructuring.

The company will still face a critical hurdle in 2016, when about $13.8 billion of debt comes due, and leverage is expected to remain too high to attract more investment and refinance the debt, Moody's said. Even though it will likely begin to generate modest free cash flow in 2013, it is not expected to be able to refinance about $3.7 billion of debt due in 2014 with cash on hand.

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