Clear Channel, the nation's largest radio station owner -- hasn't successfully renegotiated its debt with some lenders. Bain and THL bought Clear Channel in a $24 billion leveraged buyout in 2008. It
may take about four years, but if the company can't manage to change its capital structure, it will ultimately default on its $18.4 billion debt, sources said.
Clear Channel large
creditors -- Centerbridge Partners and OakTree Capital Management -- are not passive LBO lenders. Centerbridge co-founder Mark Gallogly is formerly a Blackstone Group managing director, and OakTree
last week repossessed radio company Regent Communications. Both want to own Clear Channel and are prepared to wait. Clear Channel generates $1.4 billion in cash flow while paying $1 billion in
interest and spending $200 million on capital expenditures, a lender said.
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