Pasted from https://realmoney.thestreet.com:
iHeartMedia Says It Needs Significant Cash Infusion to Continue
Debt is overwhelming iHeartMedia (IHRT) , the parent company of the country's largest radio operator, iHeartRadio, leading the company to declare in its latest SEC filing that it could run out of cash to continue as a going concern within the next 12 months.
The company said that it is taking the necessary steps to increase its cash flow, but there is no guarantee that the moves will provide enough liquidity for the company to continue as it is.
"Our ability to meet our obligations as they become due in the ordinary course of business for the next 12 months will depend on our ability to achieve forecasted results, our ability to conserve cash, our ability to refinance the amounts outstanding under the receivables-based credit facility, our ability to successfully complete the notes exchange offers and the term loan offers or other similar transactions."