EX-99.1 2 d664875dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

Monthly Operating Report Summary for the Period Ending

 

Monthly Period (USD $ millions) (1)

    Apr-18     May-18      Jun-18     Jul-18      Aug-18      Sep-18      Oct-18      Nov-18      Dec-18  

Revenues (MOR-6)

      417.9       318.7        305.9       281.1        299.4        329.5        349.4        343.7        326.0  

Operating Income (MOR-6)

      63.9       80.9        77.1       55.2        76.8        62.4        104.8        107.1        57.3  

Net Income (Loss) (MOR-6)

      (139.8 )      57.7        (119.7 )      49.6        66.9        11.9        100.2        104.2        (0.0 ) 

Payments to Insiders (MOR-9)

      6.1       3.7        3.7       3.7        6.3        0.7        6.2        0.7        0.7  

Payments to Professionals (MOR-9)

      1.4       1.0        1.4       15.7        10.1        15.8        21.0        12.8        12.7  

Total Disbursements (Exhibit A)

      306.4       260.2        622.1       251.7        396.1        254.8        335.8        251.4        300.7  

**The jointly administered Debtors are authorized to file monthly operating reports on a consolidated basis, and have disbursements broken down by case number on Exhibit A attached**

**The original of this document must be filed with the United States Bankruptcy Court**

 

Required Insurance Maintained

 

As of Signature Date

         Exp. Date  

Excess Liability

    Yes (X) No ( )      Various  

Worker’s Compensation

    Yes (X) No ( )      Mar-19  

General Liability

    Yes (X) No ( )      Mar-19  

Auto Liability

    Yes (X) No ( )      Mar-19  

Other

    Yes (X) No ( )      Various  

 

Attorney Name:

   

Matthew D. Cavenaugh

Firm Name:

   

Jackson & Walker LLP

Address:

   

1401 McKinney St.

  

Suite 1900

City, State, ZIP:

   

Houston, Texas 77010

Telephone/Fax:

   

+1 (713) 752-4284

     Circle One
Are all accounts receivable being collected within terms?    LOGO    No
Are all post-petition liabilities, including taxes, being paid within terms?    LOGO    No
Have any pre-petition liabilities been paid?    LOGO    No
If so, describe Pursuant to various “first day” orders, including Talent, Taxes, Employee Wages & Benefits, Insurance, Cash Management, and Customer Programs      
Are all funds received being deposited into DIP bank accounts?    LOGO    No
Were any assets disposed of outside the normal course of business?    Yes    LOGO
If so, describe n/a      
What is the status of your Plan of Reorganization?      
On January 22, 2019 and October 18, 2018, respectively, the Debtors filed an updated Plan of Reorganization (Docket #2521) and an updated Disclosure Statement (Docket #1633). The Plan of Reorganization was approved on January 22, 2019 (Docket #2525). These are updates to prior filings (Dockets 551, 552, 982, 1213, 1301, 1304, 1347, 1348, 1349, 1441, 1445, 1467, 1469, 1474, 1481, 1482, 1484, 1605, 1606, 1626, 1627, 1632, 2207, 2232, 2245, 2452, 2515, and 2516).
I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct.
  Title:  

Senior Vice President, Chief Accounting Officer, and Assistant Secretary

SIGNED X

  

/s/ Scott D. Hamilton

    
  (Original Signature)    
 

Scott D. Hamilton

    

3/11/2019

  (Print Name of Signatory)     Date
 

 

Notes:

 

(1)

The period ending: “Apr-18” includes the Post-Petition activity from March 15, 2018 through April 30, 2018

 

MOR-1    Page 1 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

GLOBAL NOTES AND STATEMENTS OF LIMITATIONS AND

DISCLAIMERS REGARDING THE DEBTORS’ MONTHLY OPERATING REPORT

 

On March 14, 2018 (the “Petition Date”), iHeartMedia, Inc. and certain of its affiliated debtors, as debtors and debtors in possession (collectively, the “Debtors”), each commenced with the United States Bankruptcy Court for the Southern District of Texas (the “Court”) a voluntary case under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). The Debtors are authorized to continue operating their businesses and managing their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On March 15, 2018, the Bankruptcy Court entered an order authorizing the joint administration of these cases pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure. On March 21, 2018, the United States Trustee for Region 7 (the “U.S. Trustee”) appointed an official committee of unsecured creditors pursuant to section 1102(a)(1) of the Bankruptcy Code.

 

  1.

General Methodology: The Debtors are filing this monthly operating report (the “MOR”) solely for purposes of complying with the monthly operating requirements applicable in the Debtors’ chapter 11 cases. The financial information contained herein is unaudited, limited in scope, and as such, has not been subject to procedures that would typically be applied to financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MOR should not be relied upon by any persons for information relating to current or future financial condition, events, or performance of any of the Debtors or their affiliates, as the results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year, and may not necessarily reflect the combined results of operations, financial position, and schedule of receipts and disbursements in the future. There can be no assurance that such information is complete, and the MOR may be subject to revision. The following notes, statements, and limitations should be referred to, and referenced in connection with, any review of the MOR.

 

  2.

Basis of Presentation: For financial reporting purposes, the Debtors prepare consolidated financial statements, which include information for iHeartMedia, Inc., and its Debtor and non-Debtors subsidiaries. This MOR only contains financial information of the Debtors. For the purposes of MOR reporting, the accompanying Balance Sheets and Statement of Income (Loss) of the Debtors have been prepared on a condensed combined basis. This basis of presentation is consistent with footnotes and related disclosures contained within the Form 10-Q filed by iHeartMedia, Inc. for the quarterly periods ended March 31, 2018, June 30, 2018 and September 30, 2018 and Form 10-K for the fiscal year ended December 31, 2018 which was filed on March 5, 2019. The Debtors are maintaining their books and records in accordance with U.S. GAAP and the information furnished in this MOR uses the Debtors’ normal accrual method of accounting. In preparing the MOR, the Debtors relied on financial data derived from their books and records that was available at the time of preparation. Nevertheless, in preparing this MOR, the Debtors made reasonable efforts to supplement the information set forth in their books and records with additional information concerning transactions that may not have been identified therein. Subsequent information or discovery may result in material changes to the MOR and errors or omissions may exist. Notwithstanding any such discovery, new information, or errors or omissions, the Debtors do not undertake any obligation or commitment to update this MOR.

 

  3.

Reporting Period: Unless otherwise noted herein, the MOR generally reflects the Debtors’ books and records and financial activity occurring during the applicable reporting period. Except as otherwise noted, no adjustments have been made for activity occurring after the close of the reporting period.

 

Notes    Page 2 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

GLOBAL NOTES AND STATEMENTS OF LIMITATIONS AND

DISCLAIMERS REGARDING THE DEBTORS’ MONTHLY OPERATING REPORT

 

 

  4.

Accuracy: The financial information disclosed herein was not prepared in accordance with federal or state securities laws or other applicable non-bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder. Persons and entities trading in or otherwise purchasing, selling, or transferring the claims against or equity interests in the Debtors should evaluate this financial information in light of the purposes for which it was prepared. The Debtors are not liable for and undertake no responsibility to indicate variations from securities laws or for any evaluations of the Debtors based on this financial information or any other information.

 

  5.

Payment of Prepetition Claims Pursuant to First Day Orders: On March 15, 2018 and April 12, 2018, the Bankruptcy Court entered orders (the “First Day Orders” and “Final First Day Orders”, respectively) authorizing, but not directing, the Debtors to, among other things, pay certain prepetition (a) liabilities related to use of the Debtors’ cash collateral, and continued use of their cash management system, (b) obligations payable to talent, station affiliates, royalties, and copyrights (c) insurance obligations, (d) employee wages, salaries, and related items, (e) obligations relating to existing customer obligations, and (f) taxes and assessments. If any payments were made on account of such claims following the commencement of these chapter 11 cases pursuant to the authority granted to the Debtors by the Bankruptcy Court under the First Day Orders, such payments have been included in this MOR unless otherwise noted.

 

  6.

Liabilities Subject to Compromise (“LSTC”): LSTC represents the Debtors’ estimate of pre-petition claims to be resolved in connection with the chapter 11 cases. As a result of the chapter 11 filings, the payment of pre-petition liabilities are subject to compromise or other treatment under a plan of reorganization. The determination of how liabilities will ultimately be settled or treated cannot be made until the Bankruptcy Court approves a chapter 11 plan or reorganization. Accordingly, the ultimate amount of such liabilities is not determinable at this time. Pre-petition liabilities that are subject to compromise under ASC 852 are preliminary and may be subject to, among other things, future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation or other events. On May 17, 2018, the Court entered an order setting June 29, 2018 as the deadline for the filing of proofs of claim against the Debtors for non-governmental entities.

 

  7.

Reorganization Items: ASC 852 requires expenses and income directly associated with the chapter 11 filings to be reported separately in the income statement as reorganization items. Reorganization items primarily include write-off of certain original issue discount and fees relating to debt obligations classified as LSTC, expenses related to legal advisory and representation services, other professional consulting and advisory services, and changes in liabilities subject to compromise recognized as there are changes in amounts expected to be allowed as claims. Nothing contained in this MOR shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 proceedings, including, but not limited to, matters involving objections to claims, substantive consolidation, equitable subordination, defenses, characterization or re-characterization of contracts, assumption or rejection of contracts under the provisions of chapter 3 of Title 11 of the Bankruptcy Code and/or causes of action under the provisions of chapter 5 of the Bankruptcy Code or any other relevant applicable laws to recover assets or avoid transfers.

 

  8.

Cash and Cash Equivalents: Consistent with the Debtors historical reporting practices and U.S. GAAP, any cash balances considered restricted are reflected in the Balance Sheets as a component of Other current assets or Other assets based on when those restrictions are expected to lapse. As such, the reconciliation of cash receipts and disbursements on MOR-7 includes adjustments for any cash balances moving to and from these restricted accounts.

 

Notes    Page 3 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

GLOBAL NOTES AND STATEMENTS OF LIMITATIONS AND

DISCLAIMERS REGARDING THE DEBTORS’ MONTHLY OPERATING REPORT

 

 

  9.

Intercompany Transactions and Balance: Prior to the Petition Date (and subsequent to the Petition Date but only pursuant to Bankruptcy Court approval), the Debtors routinely engaged (and continue to engage) in intercompany transactions with both Debtor and non-Debtor affiliates. Intercompany transactions among the Debtors have been eliminated in the financial statements contained herein. Intercompany transactions among the Debtors and the Non-Filing Entities are presented on a net balance basis.

 

  10.

Investments in Subsidiaries: The book basis for investments in subsidiaries have not historically been maintained by the Debtors in the general ledgers at a legal entity level and these values are not representative of the fair value or net assets of non-Debtor affiliates. As such, these balances are reflected in the Balance Sheets as a component of Equity.

 

  11.

Insiders: For purposes of this MOR, the Debtors defined “insiders” pursuant to section 101(31) of the Bankruptcy Code as: (a) directors; (b) officers; (c) persons in control of the Debtors; (d) relatives of the Debtors’ directors, officers, or persons in control of the Debtors; and (e) Debtor and non-Debtor affiliates of the foregoing. Moreover, the Debtors do not take a position with respect to: (a) any insider’s influence over the control of the Debtors; (b) the management responsibilities or functions of any such insider; (c) the decision making or corporate authority of any such insider; or (d) whether the Debtors or any such insider could successfully argue that he or she is not an “insider” under applicable law, with respect to any theories of liability, or for any other purpose.

 

  12.

Reservation of Rights: The Debtors reserve all rights to amend or supplement the MOR in all respects, as may be necessary or appropriate, but shall be under no obligation to do so. Nothing contained in this MOR shall constitute a waiver of any of the Debtors’ rights or an admission with respect to their chapter 11 cases.

 

Notes    Page 4 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Comparative Balance Sheets

 

Assets (USD $ thousands)

   31-Mar-18     30-Apr-18     31-May-18     30-Jun-18     31-Jul-18     31-Aug-18     30-Sep-18     31-Oct-18     30-Nov-18     31-Dec-18  

Current Assets

                    

Cash and cash equivalents

   $ 120,121     $ 240,683     $ 275,391     $ 57,370     $ 157,610     $ 89,481     $ 76,154     $ 126,251     $ 162,908     $ 178,924  

Accounts receivable, net of allowance

     728,528       706,389       734,391       777,958       743,602       750,174       809,974       809,268       841,409       866,088  

Intercompany Receivable

     —         —         —         2,329       —         —         —         —         5,495       —    

Prepaid expenses

     118,179       120,873       105,675       113,028       116,428       112,458       115,308       107,479       107,219       98,836  

Other current assets

     83,269       50,199       62,786       22,825       36,486       25,900       25,651       62,482       62,558       24,576  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Current Assets

     1,050,097       1,118,144       1,178,243       973,510       1,054,126       978,013       1,027,087       1,105,480       1,179,589       1,168,424  

Property, Plant and Equipment

                    

Other property, plant and equipment, net

     473,231       469,664       466,603       466,089       461,270       461,122       462,609       463,849       466,538       501,677  

Intangible Assets

                    

Indefinite-lived intangibles - licenses

     2,442,785       2,442,785       2,442,784       2,442,784       2,442,477       2,442,477       2,409,326       2,409,411       2,409,411       2,409,411  

Other intangibles, net

     230,075       216,820       203,535       190,154       176,864       173,998       171,134       168,272       165,407       196,741  

Goodwill

     3,335,433       3,335,433       3,335,433       3,335,433       3,335,433       3,335,433       3,335,433       3,335,433       3,335,433       3,412,753  

Other Assets

                    

Other assets

     47,398       47,899       47,860       49,050       49,254       55,143       58,080       59,007       60,258       63,203  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

   $ 7,579,019     $ 7,630,745     $ 7,674,458     $ 7,457,020     $ 7,519,424     $ 7,446,186     $ 7,463,669     $ 7,541,452     $ 7,616,636     $ 7,752,209  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

MOR-2   Page 5 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Comparative Balance Sheets

 

Liabilities and Equity

(USD $ thousands)

   31-Mar-18     30-Apr-18     31-May-18     30-Jun-18     31-Jul-18     31-Aug-18     30-Sep-18     31-Oct-18     30-Nov-18     31-Dec-18  

Current Liabilities

                    

Accounts payable

   $ 15,001     $ 35,199     $ 36,329     $ 44,342     $ 44,448     $ 43,927     $ 49,737     $ 44,922     $ 45,584     $ 49,129  

Intercompany payable

     193       16,999       14,690       —         18,636       34,943       9,227       7,604       —         2,894  

Accrued expenses

     90,026       137,072       172,405       236,453       246,399       214,887       240,412       245,862       246,678       296,149  

Accrued interest

     1,363       1,325       1,702       427       486       517       592       349       470       766  

Deferred income

     137,592       142,293       142,300       133,420       129,482       129,082       130,236       125,825       110,435       120,328  

Short-term DIP financing

     —         —         —         125,000       125,000       25,000       —         —         —         —    

Current portion of long-term debt (1)

     —         —         —         —         —         —         —         —         —         46,105  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Current Liabilities

     244,175       332,888       367,426       539,642       564,451       448,356       430,204       424,562       403,167       515,371  

Long-term debt

     365,811       367,721       368,163       —         —         —         —         —         —         —    

Total other long-term liabilities

     237,313       236,147       234,950       235,930       234,723       233,692       233,769       232,583       232,213       229,640  

Liabilities subject to compromise

     17,520,114       17,454,327       17,406,356       17,503,352       17,492,457       17,483,535       17,507,135       17,491,493       17,484,234       17,511,976  

Equity (Deficit)

                    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Equity

     (10,788,394 )      (10,760,338 )      (10,702,437 )      (10,821,904 )      (10,772,207 )      (10,719,397 )      (10,707,439 )      (10,607,186 )      (10,502,978 )      (10,504,778 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities And Equity

   $ 7,579,019     $ 7,630,745     $ 7,674,458     $ 7,457,020     $ 7,519,424     $ 7,446,186     $ 7,463,669     $ 7,541,452     $ 7,616,636     $ 7,752,209  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

(1)

December 2018 consists of deferred purchase considerations related to two court approved business acquisitions expected to be paid within one year.

 

MOR-3   Page 6 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Schedule of Post-Petition Liabilities

 

Post-Petition Liabilities (USD $ thousands)

   30-Apr-18     31-May-18     30-Jun-18     31-Jul-18     31-Aug-18     30-Sep-18     31-Oct-18     30-Nov-18     31-Dec-18  

Post-Petition Liabilities

                  

Accounts payable

   $ 35,199     $ 36,329     $ 44,342     $ 44,448     $ 43,927     $ 49,737     $ 44,922     $ 45,584     $ 49,129  

Intercompany payable

     16,999       14,690       —         18,636       34,943       9,227       7,604       —         2,894  

Accrued expenses

                  

Accrued compensation

     58,867       64,874       72,706       81,761       52,850       65,652       55,347       56,124       83,360  

Accrued benefits

     9,024       7,054       9,283       8,220       8,232       8,167       7,813       7,996       8,756  

Accrued insurance

     25,375       26,024       27,420       26,045       26,555       27,536       28,789       29,628       29,455  

Accrued other

     43,806       74,453       127,044       130,373       127,250       139,057       153,913       152,930       174,578  

Accrued interest

     1,325       1,702       427       486       517       592       349       470       766  

Deferred income

     142,293       142,300       133,420       129,482       129,082       130,236       125,825       110,435       120,328  

Short-term DIP financing

     —         —         125,000       125,000       25,000       —         —         —         —    

Current portion of long-term debt (1)

     —         —         —         —         —         —         —         —         46,105  

Total long term liabilities

     603,868       603,113       235,930       234,723       233,692       233,769       232,583       232,213       229,640  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Post-Petition Liabilities

   $ 936,756     $ 970,539     $ 775,572     $ 799,174     $ 682,048     $ 663,973     $ 657,145     $ 635,380     $ 745,011  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

(1)

December 2018 consists of deferred purchase considerations related to two court approved business acquisitions expected to be paid within one year.

 

MOR-4   Page 7 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Aging of Post-Petition Liabilities and Aging of Accounts Receivable

(USD $ thousands)

Aging of Post-Petition Liabilities as of December 31, 2018 (1)

 

Days

    Trade
Accounts		      Intercompany
Payable		      Accrued
Compensation		      Accrued
Benefits		      Accrued
Insurance		      Accrued
Other		      Accrued
Interest		      Deferred
Income		      Other
Liabilities		      Total  

Current

    $ 42,490      $ 2,894      $ 83,360      $ 8,756      $ 29,455      $ 174,578      $ 766      $ 120,328      $ 275,745      $ 738,372  

1-30

      4,327        —          —          —          —          —          —          —          —          4,327  

30-60

      1,123        —          —          —          —          —          —          —          —          1,123  

60-90

      509        —          —          —          —          —          —          —          —          509  

90+

      680        —          —          —          —          —          —          —          —          680  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 49,129      $ 2,894      $ 83,360      $ 8,756      $ 29,455      $ 174,578      $ 766      $ 120,328      $ 275,745      $ 745,011  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Aging of Accounts Receivable as of December 31, 2018 (1)

 

Days

    Customer #1      Customer #2      Customer #3      Customer #4      Customer #5      Other      Total  

Current

    $ 6,661      $ 6,787      $ 5,764      $ 11,701      $ 5,438      $ 306,048      $ 342,399  

31-60

      4,994        7,200        6,020        8,569        6,211        187,104        220,098  

61-90

      5,025        6,883        2,231        4,962        5,294        118,035        142,430  

91+

      9,983        5,349        12,042        651        7,513        151,970        187,508  

Less: Allowance For Doubtful Accounts

 

                  (26,347 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 26,663      $ 26,219      $ 26,057      $ 25,883      $ 24,456      $ 763,157      $ 866,088  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Notes:

 

(1)

Figures on MOR-5 may not foot and immaterial differences with balances reported on MOR-2 and MOR-3 may exist as a result of rounding.

 

MOR-5   Page 8 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Statement of Income (Loss) for the Period Ending

 

Profit and Loss (USD $ thousands) (1)

   30-Apr-18     31-May-18     30-Jun-18     31-Jul-18     31-Aug-18     30-Sep-18     31-Oct-18     30-Nov-18     31-Dec-18  

Revenue

   $ 417,946     $ 318,665     $ 305,885     $ 281,124     $ 299,394     $ 329,466     $ 349,402     $ 343,676     $ 326,035  

Operating expenses:

                  

Direct operating expenses (excludes depreciation and amortization)

     130,489       89,716       87,526       83,875       86,475       96,767       89,299       90,913       107,235  

Selling, general and administrative (excludes depreciation and amortization)

     165,657       107,831       111,721       102,724       104,603       115,083       121,764       114,295       133,395  

Corporate expenses (excludes depreciation and amortization)

     22,778       18,570       7,436       17,540       19,449       10,442       21,342       20,116       13,186  

Depreciation and amortization

     34,377       21,577       21,393       21,406       10,818       10,812       11,418       10,622       14,101  

Impairment charges

     —         —         —         —         —         33,151       —         —         —    

Other operating income (expense), net

     (714 )      (77 )      (692 )      (333 )      (1,294 )      (831 )      (829 )      (669 )      (854 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

     63,931       80,894       77,117       55,246       76,755       62,380       104,750       107,061       57,264  

Interest income (expense), net

     (10,171 )      (2,805 )      (5,594 )      (727 )      (766 )      (1,145 )      (119 )      (153 )      (730 ) 

Equity income (loss) of nonconsolidated affiliates

     (6 )      (21 )      (10 )      (11 )      (10 )      (10 )      (10 )      (14 )      (22 ) 

Other income (expense), net

     (85 )      (1,966 )      (2 )      (255 )      107       8       (42 )      17       2,704  

Reorganization items, net (2)

     202,452       21,022       37,321       15,071       19,916       17,489       16,483       11,737       14,628  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) before income taxes

     (148,783 )      55,080       34,190       39,182       56,170       43,744       88,096       95,174       44,588  

Income tax benefit (expense)

     8,979       2,630       (153,851 )      10,369       10,749       (31,799 )      12,112       8,996       (44,629 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss)

   $ (139,804 )    $ 57,710     $ (119,661 )    $ 49,551     $ 66,919     $ 11,945     $ 100,208     $ 104,170     $ (41 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

(1)

The period ending: “30-APR-18” includes the Post-Petition activity from March 15, 2018 through April 30, 2018

(2)

‘During the three months ended June 30, 2018, the Company wrote-off $12.4 million in long-term debt fees in relation to its receivables based credit facility, which was replaced with a $450.0 million debtors-in-possession credit facility (the “DIP Facility”). The write-off of long-term debt fees was included within Reorganization items, net. The Company also expensed $10.4 million in long-term debt fees incurred in relation to the new DIP Facility and included them within Reorganization items, net.

 

MOR-6   Page 9 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Cash Receipts and Disbursements for the Period Ending

 

Book Cash Receipts and Disbursements
(USD $ millions) (1)(2)

    30-Apr-18     31-May-18     30-Jun-18     31-Jul-18     31-Aug-18     30-Sep-18     31-Oct-18     30-Nov-18     31-Dec-18  

Receipts

                   

Net Operating Receipts

    $ 427.2     $ 297.3     $ 268.2     $ 331.0     $ 311.6     $ 267.4     $ 384.1     $ 301.2     $ 308.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Receipts

      427.2       297.3       268.2       331.0       311.6       267.4       384.1       301.2       308.4  

Disbursements

                   

Rent (Non-Site Leases)

      (20.3 )      (13.1 )      (14.1 )      (11.6 )      (14.9 )      (13.5 )      (19.8 )      (13.1 )      (16.1 ) 

Payroll

      (75.5 )      (64.3 )      (55.3 )      (56.9 )      (82.0 )      (55.6 )      (79.7 )      (61.7 )      (58.6 ) 

Payroll Tax

      (41.7 )      (32.3 )      (27.2 )      (40.7 )      (29.9 )      (25.6 )      (37.3 )      (30.4 )      (26.3 ) 

Benefits

      (27.6 )      (22.0 )      (19.5 )      (20.2 )      (22.2 )      (19.8 )      (22.7 )      (22.8 )      (25.4 ) 

General AP (3)

      (124.2 )      (118.1 )      (106.3 )      (99.0 )      (124.8 )      (89.6 )      (143.0 )      (101.6 )      (149.5 ) 

Utilities/Telecom

      (6.5 )      (4.5 )      (3.5 )      (4.7 )      (5.6 )      (4.3 )      (5.2 )      (3.8 )      (3.6 ) 

Management Fees

      —         —         —         —         —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Disbursements

      (295.8 )      (254.2 )      (225.8 )      (233.1 )      (279.4 )      (208.4 )      (307.8 )      (233.3 )      (279.5 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Cash Flow

      131.4       43.0       42.4       97.9       32.2       59.0       76.3       67.9       28.8  

Debt Paydown (4)

      —         —         (387.6 )      —         (100.0 )      (25.1 )      —         —         —    

ABL Draw (5)

      —         —         118.3       —         —         —         —         —         —    

Interest

      —         —         —         —         —         —         —         —         —    

ABL Adequate Protection Interest

      (2.4 )      (2.2 )      (0.0 )      (0.6 )      (0.7 )      (0.2 )      (0.6 )      (0.2 )      (0.0 ) 

Capex

      (6.9 )      (2.9 )      (7.2 )      (2.3 )      (5.9 )      (5.4 )      (6.4 )      (5.2 )      (8.5 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash Flow Before Intercompany

      122.2       38.0       (234.2 )      95.0       (74.3 )      28.4       69.3       62.6       20.3  

Intercompany Transfer from / (to) Non-Filing Entities (6)

      11.7       (2.3 )      (17.0 )      21.0       16.3       (25.7 )      (1.6 )      (13.1 )      8.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Cash Flow

      133.9       35.7       (251.2 )      115.9       (58.0 )      2.7       67.7       49.5       28.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Restructuring Activities

                   

Restructuring Professional Fees (MOR-9)

      (1.4 )      (1.0 )      (1.4 )      (15.7 )      (10.1 )      (15.8 )      (21.0 )      (12.8 )      (12.7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Cash Flow

    $ 132.5     $ 34.7     $ (252.6 )    $ 100.2     $ (68.1 )    $ (13.1 )    $ 46.7     $ 36.7     $ 16.0  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

MOR-7   Page 10 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

Cash Receipts and Disbursements for the Period Ending

 

Notes:

 

(1)

The period ending: “30-APR-18” includes the Post-Petition activity from March 15, 2018 through April 30, 2018.

(2)

Figures on MOR-7 may not foot due to rounding.

(3)

October 2018 and December 2018 includes approximately $36.2 million and $38.0 million of cash purchase consideration, respectively, related to two recent court approved business acquisitions.

(4)

On June 14, 2018, the Debtors refinanced the existing ABL credit facility with TPG (the “TPG Facility”). As part of the refinancing process, the Debtors repaid the TPG Facility in full, partially through the use of ~$269 million of cash on-hand. The balance of the repayment of the TPG Facility was sourced via funding provided under the Debtor’s replacement ABL credit facility with Citibank. Subsequently, the Debtors paid down $100mm of the ABL balance on August 16, 2018 and $25mm on September 17, 2018 as cash permitted.

(5)

ABL draw represents the balance that was transferred from Citibank to Debtor bank accounts net of bank and professional fees associated with the refinance.

(6)

As described more fully in the Debtors’ Emergency Motion for Entry of Interim and Final Orders (I) Authorizing the Debtors to (A) Continue to Operate Their Cash Management System and Maintain Existing Bank Accounts and (B) Continue to Perform Intercompany Transactions and (III) Granting Related Relief [Docket No. 14] (the “Cash Management Motion”), the Debtors engage in a range of intercompany transactions in the ordinary course of business. Pursuant to the order granting the relief requested in the Cash Management Motion [Docket No. 454] (the “Cash Management Order”), the Bankruptcy Court has granted the Debtors authority to continue the intercompany transactions in the ordinary course of business.

 

MOR-7   Page 11 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Cash Account Reconcilation

(USD $ millions)

Bank Account Balances as of December 31, 2018

 

Bank

  

Legal Entity

   Account #    

Type

   Balance  

Bank of America

   Capstar Radio Operating Company     9903     Savings     0.0  

Seaport

   CC Finco Holdings, LLC     0178     Investment     —    

Merrill Lynch

   Clear Channel Holdings, Inc.     2712     Investment     0.0  

Pershing

   Clear Channel Holdings, Inc.     1607     Investment     —    

Bank of America

   Clear Channel Metro, LLC     8035     Concentration     0.8  

Bank of America

   Clear Channel Metro, LLC     4486     Lockbox     —    

Bank of America

   Critical Mass Media, Inc.     3479     Lockbox     —    

U.S. Bank

   Critical Mass Media, Inc.     0747     Disbursement     —    

Bank of America

   iHeartCommunications, Inc.     0614     Lockbox     —    

Bank of America

   iHeartCommunications, Inc.     1558     Lockbox     —    

PNC

   iHeartCommunications, Inc.     0015     Deposit     —    

BNY Mellon

   iHeartCommunications, Inc.     4238     Investment     —    

UBS

   iHeartCommunications, Inc.     2902     Investment     —    

U.S. Bank

   iHeartMedia + Entertainment, Inc.     2264     Deposit     0.0  

Bank of America

   iHeartMedia + Entertainment, Inc.     2512     Lockbox     —    

Bank of America

   iHeartMedia + Entertainment, Inc.     6934     Lockbox     —    

Bank of America

   iHeartMedia + Entertainment, Inc.     5609     Lockbox     —    

Bank of America

   iHeartMedia + Entertainment, Inc.     0167     Lockbox     —    

Bank of America

   iHeartMedia + Entertainment, Inc.     3709     Lockbox     —    

Bank of America

   iHeartMedia Management Services, Inc.     7415     Disbursement     0.3  

Bank of America

   iHeartMedia Management Services, Inc.     6812     Disbursement     1.0  

Bank of America

   iHeartMedia Management Services, Inc.     3953     Disbursement     0.0  

Bank of America

   iHeartMedia Management Services, Inc.     6586     Master Concentration     0.6  

Bank of America

   iHeartMedia Management Services, Inc.     1402     Master Disbursement     0.5  

Bank of America

   iHeartMedia Management Services, Inc.     6466     Lockbox Concentration     12.5  

Citibank

   iHeartMedia Management Services, Inc.     9340     Deposit     0.3  

Citibank

   iHeartMedia Management Services, Inc.     6001     Deposit     0.2  

Citibank

   iHeartMedia Management Services, Inc.     9359     Deposit     0.5  

Citibank

   iHeartMedia Management Services, Inc.     5075     Deposit     0.2  

Citibank

   iHeartMedia Management Services, Inc.     1943     Deposit     —    

Frost

   iHeartMedia Management Services, Inc.     0148     Deposit     0.0  

U.S. Bank

   iHeartMedia Management Services, Inc.     5070     Disbursement     —    

U.S. Bank

   iHeartMedia Management Services, Inc.     5088     Disbursement     —    

U.S. Bank

   iHeartMedia Management Services, Inc.     0507     Master Funding     —    

U.S. Bank

   iHeartMedia Management Services, Inc.     1880     Payroll     0.0  

U.S. Bank

   iHeartMedia Management Services, Inc.     1898     Payroll     0.0  

U.S. Bank

   iHeartMedia Management Services, Inc.     5138     Payroll     —    

Bank of America

   iHeartMedia Management Services, Inc.     4404     ABL Reserve     —    

Bank of America

   iHeartMedia Management Services, Inc.     4462     Utility Deposit     3.4  

Goldman Sachs

   iHeartMedia Management Services, Inc.     2344     Postpetition Investment     —    

Invesco

   iHeartMedia Management Services, Inc.     0266     Investment     —    
       

 

 

  

Total above

         $ 20.3  
       

 

 

  

Bank

  

Legal Entity

   Account #    

Type

   Balance  

Bank of America

   iHeartMedia Management Services, Inc.     1EJE     Postpetition Investment     —    

Bank of America

   iHeartMedia Management Services, Inc.     7481     Lockbox     —    

Bank of America

   iHeartMedia Management Services, Inc.     8238     Lockbox     —    

Bank of America

   iHeartMedia Management Services, Inc.     6750     Lockbox     —    

Citibank

   iHeartMedia Management Services, Inc.     7601     Escrow     —    

U.S. Bank

   iHeartMedia Management Services, Inc.     5112     Disbursement     —    

U.S. Bank

   iHeartMedia Management Services, Inc.     5450     Disbursement     —    

U.S. Bank

   iHeartMedia Management Services, Inc.     5146     Disbursement     —    

U.S. Bank

   iHeartMedia Management Services, Inc.     5120     Payroll     —    

Federated

   iHeartMedia Management Services, Inc.     3888     Investment     —    

Fidelity

   iHeartMedia Management Services, Inc.     8321     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     5589     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     5773     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     2342     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     5775     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     2340     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     2343     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     5711     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     7265     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     5311     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     8552     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     0500     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     2341     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     5774     Investment     —    

Goldman Sachs

   iHeartMedia Management Services, Inc.     8616     Investment     —    

State Street

   iHeartMedia Management Services, Inc.     1421     Investment     —    

StoneCastle

   iHeartMedia Management Services, Inc.     4539     Investment     —    

Merrill Lynch

   iHeartMedia Management Services, Inc.     0420     Postpetition Investment     —    

Fidelity

   iHeartMedia, Inc.     1576     Deferred Comp     11.2  

Bank of America

   iHeartMedia, Inc.     5540     Deposit     —    

U.S. Bank

   Katz Media Group, Inc.     5096     Disbursement     —    

Bank of America

   Katz Media Group, Inc.     3777     Lockbox     —    

Bank of America

   Katz Media Group, Inc.     5119     Lockbox     —    

U.S. Bank

   Katz Media Group, Inc.     5104     Disbursement     —    

Bank of America

   Premiere Networks, Inc.     7905     Deposit     0.1  

Bank of America

   Premiere Networks, Inc.     8094     Deposit     0.0  

Chase

   Premiere Networks, Inc.     8365     Deposit     0.0  

Bank of America

   Terrestrial RF Licensing, Inc.     9054     Lockbox     —    

Signature Bank

   iHeartMedia Management Services, Inc.     0716     Checking     —    

Signature Bank

   iHeartMedia Management Services, Inc.     0724     Investment     96.4  

Signature Bank

   iHeartMedia Management Services, Inc.     0732     Investment     79.9  
       

 

 

  

Total Above

         $ 187.6  

Total Cash

         $ 207.9  
       

 

 

  
 

 

MOR-8   Page 12 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

Cash Account Reconcilation

(USD $ millions)

 

Book-To-Bank Cash Reconciliation

 

Beginning Book Balance (1)

    $ 162.9  

(+/-) Net Book Cash Flow (MOR-7)

      16.0  

(+/-) Decrease (increase) in Restricted Cash

      —    
  

 

 

  

Ending Book Balance (MOR-2)

      178.9  

(+) Fidelity Account (Deferred Comp)

      11.2  

(+) Utility Deposit Account

      3.4  

(+) ABL Reserve Account

      —    

(-) Cash In Transit, Outstanding Checks, & Other

      14.3  
  

 

 

  

Ending Bank Balance

    $ 207.9  
  

 

 

  

Notes:

 

(1)

The Beginning Book Balance reflects the balance as of November 30, 2018.

    

 

 

MOR-8   Page 13 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Total Disbursements by Debtor Entity for the Period Ending

(USD $) (1)

Total Disbursements By Debtor Entity

 

Debtor
Case #

  

Legal Entity Name

   31-Mar-18     30-Apr-18     31-May-18     30-Jun-18     31-Jul-18     31-Aug-18     30-Sep-18     31-Oct-18     30-Nov-18     31-Dec-18  
18-31274  

iHeartMedia, Inc

   $ —       $ 196,398     $ 181,194     $ 142,084     $ —       $ —       $ 684,796     $ 187,500     $ 37,966     $ 261,289  
18-31277  

AMFM Broadcasting Licenses, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31278  

AMFM Broadcasting, Inc.

     1,299,769       3,798,447       2,074,130       1,905,005       1,750,567       1,729,292       1,639,228       2,557,367       2,011,961       1,361,605  
18-31279  

AMFM Operating, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31280  

AMFM Radio Licenses, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31281  

AMFM Texas Broadcasting, LP

     268,902       394,218       381,428       623,711       468,055       541,817       328,965       443,439       400,095       373,301  
18-31282  

AMFM Texas Licenses, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31283  

AMFM Texas, LLC

     —         —         —         —         —         —         63,860       —         —         —    
18-31284  

Capstar Radio Operating Company

     5,316,769       8,259,064       8,946,165       10,554,645       8,294,495       10,303,250       9,446,771       13,005,872       8,670,737       8,303,280  
18-31285  

Capstar TX, LLC

     7,883       2,586       —         449       814       20,126       4,313,946       810       4,749       760  
18-31286  

CC Broadcast Holdings, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31287  

CC Finco Holdings, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31288  

CC Licenses, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31289  

Christal Radio Sales, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31290  

Cine Guarantors II, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31291  

Citicasters Co.

     4,586,064       6,283,054       6,963,703       5,678,541       5,556,511       8,951,935       6,300,980       5,964,337       4,413,285       5,122,302  
18-31292  

Citicasters Licenses, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31293  

Clear Channel Broadcasting Licenses, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31294  

Clear Channel Holdings, Inc.

     12,635       5,711       —         —         —         128,287       205,683       288,633       674,195       105,360  

 

Exhibit A   Page 14 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

Total Disbursements by Debtor Entity for the Period Ending

(USD $) (1)

Total Disbursements By Debtor Entity

 

Debtor
Case #

  

Legal Entity Name

   31-Mar-18     30-Apr-18     31-May-18     30-Jun-18     31-Jul-18     31-Aug-18     30-Sep-18     31-Oct-18     30-Nov-18     31-Dec-18  
18-31296  

Clear Channel Metro, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31297  

Clear Channel Mexico Holdings, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31298  

Clear Channel Real Estate, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31299  

Critical Mass Media, Inc.

     —         —         —         —         —         —         1,150       —         —         —    
18-31273  

iHeartCommunications, Inc.

     416,743       2,409,311       2,152,005       263,311       15,678,304       10,362,812       18,201,182       20,155,474       14,486,106       15,681,324  
18-31275  

iHeartMedia Capital I, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31276  

iHeartMedia Capital II, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31301  

iHeartMedia Management Services, Inc.

     73,531,066       137,853,242       193,248,629       577,425,135       171,419,254       313,971,652       176,146,684       233,846,351       178,033,941       225,886,018  
18-31302  

iHM Identity, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31303  

Katz Communications, Inc.

     13,119,980       9,464,344       13,446,375       7,040,369       17,355,839       20,032,280       19,471,652       26,536,680       15,627,817       18,396,585  
18-31304  

Katz Media Group, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31305  

Katz Millennium Sales & Marketing, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31306  

Katz Net Radio Sales, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31307  

M Street Corporation

     1,200       1,200       1,930       15,055       22,675       13,475       12,267       42,866       4,570       2,774  
18-31308  

Premiere Networks, Inc.

     9,518,395       11,082,118       19,959,043       8,090,262       21,033,247       16,600,973       7,506,292       22,144,639       16,066,498       14,165,830  
18-31309  

Terrestrial RF Licensing, Inc.

     —         —         —         —         —         —         —         —         —         —    
18-31310  

TTWN Media Networks, LLC

     5,488,481       3,683,704       6,228,369       4,615,844       5,354,787       7,690,719       4,348,331       3,852,608       5,239,133       5,526,286  
18-31311  

TTWN Networks, LLC

     —         —         —         —         —         —         —         —         —         —    
18-31300  

iHeartMedia + Entertainment, Inc.

     4,040,195       5,336,218       6,652,925       5,711,300       4,793,788       5,729,182       6,129,821       6,729,712       5,766,769       5,553,069  
18-31295  

Clear Channel Investments, Inc.

     —         —         —         —         —         —         —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total above

   $ 117,608,082     $ 188,769,617     $ 260,235,896     $ 622,065,712     $ 251,728,335     $ 396,075,799     $ 254,801,608     $ 335,756,289     $ 251,437,822     $ 300,739,785  

 

(1)

The period ending “31-Mar-18” includes disbursements made between March 15, 2018 and March 31, 2018.

 

Exhibit A   Page 15 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:            iHeartMedia, Inc.

Case Number:        18-31274 (MI)

    Petition Date:        March 14, 2018

 

Payments to Insiders and Professionals for the Period Ending

 

Payments to Insiders & Professionals (USD $ millions) (1)

   30-Apr-18     31-May-18     30-Jun-18     31-Jul-18     31-Aug-18     30-Sep-18     31-Oct-18     30-Nov-18     31-Dec-18  

Total Payments to Insiders

   $ 6.1     $ 3.7     $ 3.7     $ 3.7     $ 6.3     $ 0.7     $ 6.2     $ 0.7     $ 0.7  

Payments to Professionals (2)

                  

1. Kirkland & Ellis LLP (Debtors’ lead counsel)

   $ —       $ —       $ —       $ 7.2     $ —       $ 3.0     $ 6.4     $ 3.8     $ 0.1  

2. Moelis & Company (Debtors’ financial advisor)

     —         —         —         —         2.7       1.4       0.8       0.8       0.4  

3. LionTree Advisors, LLC (Debtors’ financial advisor)

     —         —         —         —         —         —         1.0       —         0.1  

4. Jackson Walker (Debtors’ co-counsel)

     —         —         —         0.2       0.1       0.1       0.1       —         0.2  

5. Alvarez & Marsal (Debtors’ restructuring advisor)

     —         —         —         3.2       2.4       2.1       5.5       —         2.2  

6. Prime Clerk LLC (Debtors’ claims, noticing, and solicitation agent)

     0.4       0.3       0.5       0.4       0.2       —         0.6       0.7       0.6  

7. Ernst & Young (Debtors’ auditor)

     —         —         —         —         —         —         0.3       —         0.6  

8. PricewaterhouseCoopers (Debtors’ tax and accounting advisor)

     —         —         —         1.6       —         0.5       1.2       0.8       1.0  

9. Munger, Tolles & Olson LLP (counsel to the Debtors’ disinterested directors)

     —         —         —         —         —         0.6       —         0.2       —    

10. Perella Wienberg Partners L.P. (financial advisor to the Debtors’ disinterested directors)

     —         —         —         —         0.5       —         0.3       —         0.4  

11. Jones Day (counsel to the Term Loan/PGN Group)

     —         —         —         —         —         2.5       —         2.2       2.8  

12. PJT Partners, Inc. (financial advisor to the Term Loan/PGN Group)

     —         0.2       0.2       0.3       0.5       —         0.2       0.5       —    

13. Arnold & Porter Kaye Scholer LLP (counsel to the Crossover Group)

     0.4       —         0.4       0.2       0.4       —         0.3       0.3       0.6  

14. Ducera Partners LLC (financial advisor to the Crossover Group)

     —         —         —         —         —         —         —         —         —    

15. Gibson, Dunn & Crutcher LLP (counsel to the 2021 Notes Group)

     —         —         —         —         —         —         —         —         —    

16. Kelley, Drye & Warren (counsel to UMB Bank, N.A., as successor Trustee to the 11.25% PGN Notes due 2021)

     —         0.1       —         —         0.2       —         —         0.1       0.1  

17. GLC Advisors & Co., Inc. (financial advisor to the 2021 Notes Group)

     —         —         —         —         —         —         —         —         —    

18. Schulte Roth & Zabel LLP (co-counsel to TPG Specialty Lending, Inc., Administrative Agent for the ABL Facility)

     0.4       —         —         —         —         0.6       —         —         —    

19. Jones Walker LLP (co-counsel to TPG Specialty Lending, Inc., Administrative Agent for the ABL Facility)

     —         —         —         —         —         —         0.1       —         —    

20. Akin Gump Strauss Hauer & Feld LLP (counsel to the UCC)

     —         —         —         1.8       2.1       1.9       3.1       2.4       1.5  

21. Jefferies & Company, Inc. (financial advisor to the UCC)

     —         —         —         —         —         0.7       —         —         0.6  

22. FTI Consulting, Inc. (restructuring advisor to the UCC)

     —         —         —         0.4       0.6       0.6       0.7       0.9       0.6  

23. Cahill Gordon & Reindell LLP (counsel to Citibank, N.A., Agent for the Term Loan Facility)

     0.2       0.1       0.2       0.2       —         0.4       0.2       —         0.3  

24. K&L Gates LLP (counsel to U.S. Bank, N.A. Indenture Trustee)

     —         0.1       —         0.1       —         0.1       0.1       0.1       0.1  

25. Stoock & Stroock & Lavan LLP (counsel to Wilmington Trust, N.A. as successor trustee to the 9% PGNs due 2019,

     —         0.1       —         0.1       —         0.2       —         0.0       0.1  

trustee to the 9% PGNs due 2021, and successor trustee to the 9% PGNs due 2022) 26. Thompson Hine LLP (Local Counsel to Indenture Trustee)

     —         —         —         0.0       0.0       —         —         —         —    

27. Odinbrook Global Advisors (Expert Witness for Indenture Trustee)

     —         —         —         —         0.1       0.3       —         —         —    

28. Loewinsohn Flegle Deary Simon LLP (Term Loan/PGN Group Counsel)

     —         —         —         —         0.3       1.0       —         0.0       —    

29. Haynes & Boone Fee Examiner

     —         —         —         —         —         —         —         —         0.5  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Payments to Professionals (2)

   $ 1.4     $ 1.0     $ 1.4     $ 15.7     $ 10.1     $ 15.8     $ 21.0     $ 12.8     $ 12.7  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

 

(1)

The period ending: “30-APR-18” includes the Post-Petition activity from March 15, 2018 through April 30, 2018.

(2)

Payments to ordinary course professionals are not included in MOR-9.

 

MOR-9   Page 16 of 16