IHeartMedia -3.1% with bondholders reportedly uniting to block exchange

|By:, SA News Editor

IHeartMedia (OTCPK:IHRT) is off 3.1% with trading picking up alongside news that a group of its lenders have come together to block its debt overhaul, as Reuters reports.

That would start to choke off options for the struggling company aside from bankruptcy, as it works to address a debt pile amounting to $20B. The bondholders in question say they represent more than half of the term loan holders, enough to stop a debt swap.

The latest deadline for IHeartMedia's loan swap offer is later today; it's been postponed a couple of times.

Meanwhile, a filing from the company -- owner of iHeartRadio and Clear Channel Outdoor Holdings (CCO -3.4%) -- says that it expects to include a going-concern doubt in upcoming financials, due to continued negative cash flow and nearly $350M in debt coming due this year.