iHeartMedia to ‘Remix’ Plan for Paying Down Big Debt

New York Post: iHeartMedia — which is juggling $21 billion of debt left from its private equity buyout — has a novel plan to cut its debt payments and help persuade its lenders to give it more breathing room. The company has bought a sizable portion of its unsecured debt and is planning to convert it into equity, which would lower its interest payments to the point that it would reach breakeven, said a source. That, in turn, would help the company restructure the rest of its debt and extend maturities on more senior loans.