0001193125-19-075876.txt : 20190315 0001193125-19-075876.hdr.sgml : 20190315 20190315090839 ACCESSION NUMBER: 0001193125-19-075876 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20190314 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190315 DATE AS OF CHANGE: 20190315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iHeartMedia, Inc. CENTRAL INDEX KEY: 0001400891 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 260241222 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-53354 FILM NUMBER: 19683160 BUSINESS ADDRESS: STREET 1: 20880 STONE OAK PARKWAY CITY: SAN ANTONIO STATE: TX ZIP: 78258 BUSINESS PHONE: 210-822-2828 MAIL ADDRESS: STREET 1: 20880 STONE OAK PARKWAY CITY: SAN ANTONIO STATE: TX ZIP: 78258 FORMER COMPANY: FORMER CONFORMED NAME: CC Media Holdings Inc DATE OF NAME CHANGE: 20090721 FORMER COMPANY: FORMER CONFORMED NAME: C C Media Holdings Inc DATE OF NAME CHANGE: 20070730 FORMER COMPANY: FORMER CONFORMED NAME: BT Triple Crown Capital Holdings III, Inc. DATE OF NAME CHANGE: 20070524 8-K 1 d691615d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 14, 2019

 

 

IHEARTMEDIA, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   000-53354   26-0241222

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

20880 Stone Oak Parkway

San Antonio, Texas 78258

(Address of principal executive offices)

Registrant’s telephone number, including area code: (210) 822-2828

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

☐

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 7.01.

Regulation FD Disclosure.

On March 14, 2019, iHeartMedia, Inc. (the “Company”) and its debtor subsidiaries (collectively, the “Debtors”) filed a monthly operating report for the period from January 1, 2019 to January 31, 2019 (the “Monthly Operating Report”) with the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Bankruptcy Court has had jurisdiction over the reorganization proceedings under Chapter 11 of the United States Bankruptcy Code for the Debtors since March 14, 2018. A copy of the Monthly Operating Report is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information set forth in this Item 7.01 of this Current Report on Form 8-K and in Exhibit 99.1 is being furnished hereby and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such filings. The filing of this Item 7.01 shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.

Cautionary Statement Regarding Financial Operating Data

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any securities of the Company or any of its subsidiaries. The Debtors prepared the Monthly Operating Report solely for purposes of complying with the monthly operating requirements applicable in the Debtors’ Chapter 11 cases. The financial information contained in the Monthly Operating Report 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. The Monthly Operating Report should not be relied upon by any persons for information relating to current or future financial condition, events, or performance of the Company and any of its debtor and non-debtor subsidiaries, as the results of operations contained in the Monthly Operating Report 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 Monthly Operating Report may be subject to revision. Subsequent information or discovery may result in material changes to the Monthly Operating Report 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 the Monthly Operating Report.

 

Item 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits.

 

99.1

Monthly Operating Report of iHeartMedia, Inc. and its debtor subsidiaries for the period from January 1, 2019 to January 31, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  IHEARTMEDIA, INC.
Date: March 15, 2019   By:  

/s/ Scott D. Hamilton

    Scott D. Hamilton
   

Senior Vice President, Chief Accounting Officer and

Assistant Secretary

 EX-99.1 2 d691615dex991.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.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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     Jan-19  

Revenues (MOR-6)

      417.9       318.7        305.9       281.1        299.4        329.5        349.4        343.7        326.0       231.8  

Operating Income (MOR-6)

      63.9       80.9        77.1       55.2        76.8        62.4        104.8        107.1        57.3       7.6  

Net Income (Loss) (MOR-6)

      (139.8 )      57.7        (119.7 )      49.6        66.9        11.9        100.2        104.2        (0.0 )      (9.5 ) 

Payments to Insiders (MOR-9)

      6.1       3.7        3.7       3.7        6.3        0.7        6.2        0.7        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       14.5  

Total Disbursements (Exhibit A)

      306.4       260.2        622.1       251.7        396.1        254.8        335.8        251.4        300.7       302.8  

 

**

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.    Senior Vice President,
         Chief Accounting Officer,
SIGNED X   

        /s/ Scott D. Hamilton

    Title:   

and Assistant Secretary

   (Original Signature)      
  

Scott D. Hamilton

      

3/14/2019

   (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.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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      31-Jan-19  

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      $ 221,202  

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        760,167  

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        113,260  

Other current assets

      83,269        50,199        62,786        22,825        36,486        25,900        25,651        62,482        62,558        24,576        23,554  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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        1,118,183  

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        496,914  

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        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        193,504  

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        3,412,753  

Other Assets

                                 

Right of Use Assets (1)

      —          —          —          —          —          —          —          —          —          —          356,215  

Other assets

      47,398        47,899        47,860        49,050        49,254        55,143        58,080        59,007        60,258        63,203        63,819  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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      $ 8,050,799  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Note:

(1)

In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), which was adopted by the Company effective January 1, 2019. As a result of adoption, the Company recorded the fair value of its lease commitments as a Right of Use asset with the offsetting liability primarily charged to Liabilities Subject to Compromise for the leases that were in place as of the petition date. Further, a reduction in Total other Long-term Liabilities was also recorded in January 2019 as a result of the write-off of non-cash deferred gains associated with certain leases.

 

MOR-2    Page 5 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:    iHeartMedia, Inc.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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     31-Jan-19  

Current Liabilities

                       

Accounts payable

    $ 15,001     $ 35,199     $ 36,329     $ 44,342     $ 44,448     $ 43,927     $ 49,737     $ 44,922     $ 45,584     $ 49,129     $ 46,751  

Intercompany payable

      193       16,999       14,690       —         18,636       34,943       9,227       7,604       —         2,894       6,998  

Accrued expenses

      90,026       137,072       172,405       236,453       246,399       214,887       240,412       245,862       246,678       296,149       251,606  

Accrued interest

      1,363       1,325       1,702       427       486       517       592       349       470       766       379  

Deferred income

      137,592       142,293       142,300       133,420       129,482       129,082       130,236       125,825       110,435       120,328       123,874  

Short-term DIP financing

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

Current portion of long-term
debt (1)

      —         —         —         —         —         —         —         —         —         46,105       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       475,713  

Long-term debt

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

Total other long-term liabilities (2)

      237,313       236,147       234,950       235,930       234,723       233,692       233,769       232,583       232,213       229,640       121,742  

Liabilities
subject to compromise (2)

      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       17,853,328  

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 )      (10,399,984 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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     $ 8,050,799  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Notes:

(1)

Beginning December 2018, balance includes deferred purchase considerations related to two court approved business acquisitions expected to be paid within one year.

(2)

In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), which was adopted by the Company effective January 1, 2019. As a result of adoption, the Company recorded the fair value of its lease commitments as a Right of Use asset with the offsetting liability primarily charged to Liabilities Subject to Compromise for the leases that were in place as of the petition date. Further, a reduction in Total other Long-term Liabilities was also recorded in January 2019 as a result of the write-off of non-cash deferred gains associated with certain leases.

 

MOR-3    Page 6 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:    iHeartMedia, Inc.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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      31-Jan-19  

Post-Petition Liabilities

                              

Accounts payable

    $ 35,199      $ 36,329      $ 44,342      $ 44,448      $ 43,927      $ 49,737      $ 44,922      $ 45,584      $ 49,129      $ 46,751  

Intercompany payable

      16,999        14,690        —          18,636        34,943        9,227        7,604        —          2,894        6,998  

Accrued expenses

                              

Accrued compensation

      58,867        64,874        72,706        81,761        52,850        65,652        55,347        56,124        83,360        80,723  

Accrued benefits

      9,024        7,054        9,283        8,220        8,232        8,167        7,813        7,996        8,756        11,652  

Accrued insurance

      25,375        26,024        27,420        26,045        26,555        27,536        28,789        29,628        29,455        29,818  

Accrued other

      43,806        74,453        127,044        130,373        127,250        139,057        153,913        152,930        174,578        129,413  

Accrued interest

      1,325        1,702        427        486        517        592        349        470        766        379  

Deferred income

      142,293        142,300        133,420        129,482        129,082        130,236        125,825        110,435        120,328        123,874  

Short-term DIP financing

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

Current portion of long-term debt (1)

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

Total long term liabilities (2)

      603,868        603,113        235,930        234,723        233,692        233,769        232,583        232,213        229,640        121,742  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Post-Petition Liabilities

    $  936,756      $ 970,539      $  775,572      $ 799,174      $  682,048      $  663,973      $  657,145      $  635,380      $  745,011      $  597,455  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Notes:

(1)

Beginning December 2018, balance includes deferred purchase considerations related to two court approved business acquisitions expected to be paid within one year.

(2)

In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), which was adopted by the Company effective January 1, 2019. As a result of adoption, the Company recorded the fair value of its lease commitments as a Right of Use asset with the offsetting liability primarily charged to Liabilities Subject to Compromise for the leases that were in place as of the petition date. Further, a reduction in Total other Long-term Liabilities was also recorded in January 2019 as a result of the write-off of non-cash deferred gains associated with certain leases.

 

MOR-4    Page 7 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:    iHeartMedia, Inc.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

Aging of Post-Petition Liabilities and Aging of Accounts Receivable

(USD $ thousands)

Aging of Post-Petition Liabilities as of January 31, 2019 (1)

 

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

Current

    $ 42,618      $  6,998      $  80,723      $ 11,652      $ 29,818      $  129,413      $ 379      $ 123,874      $ 167,847      $ 593,322  

1-30

      3,577        —          —          —          —          —          —          —          —          3,577  

30-60

      78        —          —          —          —          —          —          —          —          78  

60-90

      146        —          —          —          —          —          —          —          —          146  

90+

      332        —          —          —          —          —          —          —          —          332  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 46,751      $ 6,998      $ 80,723      $ 11,652      $ 29,818      $ 129,413      $ 379      $ 123,874      $ 167,847      $ 597,455  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Aging of Accounts Receivable as of January 31, 2019 (1)

 

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

Current

    $ 6,618      $ 6,967      $ 2,789      $ 5,898      $ 3,778      $ 231,082      $ 257,132  

31-60

      11,356        10,240        5,164        5,336        6,629        188,362        227,087  

61-90

      7,545        4,893        5,264        5,357        4,932        115,162        143,153  

91+

      1,028        4,420        11,839        5,071        5,477        130,435        158,270  

Less: Allowance For Doubtful Accounts

                        (25,475 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 26,547      $ 26,520      $  25,056      $  21,662      $  20,816      $ 665,041      $ 760,167  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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     31-Jan-19  

Revenue

    $ 417,946     $ 318,665     $ 305,885     $ 281,124     $  299,394     $  329,466     $ 349,402     $ 343,676     $  326,035     $  231,805  

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       86,687  

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       107,958  

Corporate expenses (excludes depreciation and amortization)

      22,778       18,570       7,436       17,540       19,449       10,442       21,342       20,116       13,186       18,223  

Depreciation and amortization

      34,377       21,577       21,393       21,406       10,818       10,812       11,418       10,622       14,101       11,826  

Impairment charges

      —         —         —         —         —         33,151       —         —         —         —    

Other operating income (expense), net

      (714 )      (77 )      (692 )      (333 )      (1,294 )      (831 )      (829 )      (669 )      (854 )      488  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      63,931       80,894       77,117       55,246       76,755       62,380       104,750       107,061       57,264       7,599  

Interest income (expense), net

      (10,171 )      (2,805 )      (5,594 )      (727 )      (766 )      (1,145 )      (119 )      (153 )      (730 )      123  

Equity income (loss) of nonconsolidated affiliates

      (6 )      (21 )      (10 )      (11 )      (10 )      (10 )      (10 )      (14 )      (22 )      31  

Other income (expense), net

      (85 )      (1,966 )      (2 )      (255 )      107       8       (42 )      17       2,704       30  

Reorganization items, net (2)

      202,452       21,022       37,321       15,071       19,916       17,489       16,483       11,737       14,628       13,287  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) before income taxes

      (148,783 )      55,080       34,190       39,182       56,170       43,744       88,096       95,174       44,588       (5,504 ) 

Income tax benefit (expense)

      8,979       2,630       (153,851 )      10,369       10,749       (31,799 )      12,112       8,996       (44,629 )      (4,029 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss)

    $  (139,804 )    $ 57,710     $ (119,661 )    $ 49,551     $ 66,919     $ 11,945     $  100,208     $  104,170     $ (41 )    $ (9,533 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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     31-Jan-19  

Receipts

                     

Net Operating Receipts

    $ 427.2     $ 297.3     $ 268.2     $ 331.0     $ 311.6     $ 267.4     $ 384.1     $ 301.2     $ 308.4     $ 341.0  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Receipts

      427.2       297.3       268.2       331.0       311.6       267.4       384.1       301.2       308.4       341.0  

Disbursements

                     

Rent (Non-Site Leases)

      (20.3 )      (13.1 )      (14.1 )      (11.6 )      (14.9 )      (13.5 )      (19.8 )      (13.1 )      (16.1 )      (13.7 ) 

Payroll

      (75.5 )      (64.3 )      (55.3 )      (56.9 )      (82.0 )      (55.6 )      (79.7 )      (61.7 )      (58.6 )      (61.0 ) 

Payroll Tax

      (41.7 )      (32.3 )      (27.2 )      (40.7 )      (29.9 )      (25.6 )      (37.3 )      (30.4 )      (26.3 )      (34.6 ) 

Benefits

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

General AP (3)

      (124.2 )      (118.1 )      (106.3 )      (99.0 )      (124.8 )      (89.6 )      (143.0 )      (101.6 )      (149.5 )      (148.3 ) 

Utilities/Telecom

      (6.5 )      (4.5 )      (3.5 )      (4.7 )      (5.6 )      (4.3 )      (5.2 )      (3.8 )      (3.6 )      (3.9 ) 

Management Fees

      —         —         —         —         —         —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Disbursements

      (295.8 )      (254.2 )      (225.8 )      (233.1 )      (279.4 )      (208.4 )      (307.8 )      (233.3 )      (279.5 )      (281.2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Cash Flow

      131.4       43.0       42.4       97.9       32.2       59.0       76.3       67.9       28.8       59.8  

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 )      (0.8 ) 

Capex

      (6.9 )      (2.9 )      (7.2 )      (2.3 )      (5.9 )      (5.4 )      (6.4 )      (5.2 )      (8.5 )      (6.3 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash Flow Before Intercompany

      122.2       38.0       (234.2 )      95.0       (74.3 )      28.4       69.3       62.6       20.3       52.7  

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       4.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Cash Flow

      133.9       35.7       (251.2 )      115.9       (58.0 )      2.7       67.7       49.5       28.7       56.8  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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 )      (14.5 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Cash Flow

    $ 132.5     $ 34.7     $  (252.6 )    $ 100.2     $  (68.1 )    $  (13.1 )    $ 46.7     $ 36.7     $ 16.0     $ 42.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

MOR-7    Page 10 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:    iHeartMedia, Inc.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

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.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

Cash Account Reconcilation

(USD $ millions)

Bank Account Balances as of January 31, 2019

 

Bank   Legal Entity   Account #     Type   Balance  

Bank of America

   Capstar Radio Operating Company     9903     Savings     0.0  

Seaport

   CC Finco Holdingks, 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     0.2  

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     0.5  

Bank of America

   iHeartMedia Management Services, Inc.     3953     Disbursement     0.0  

Bank of America

   iHeartMedia Management Services, Inc.     6586     Master Concentration     1.5  

Bank of America

   iHeartMedia Management Services, Inc.     1402     Master Disbursement     0.5  

Bank of America

   iHeartMedia Management Services, Inc.     6466     Lockbox Concentration     6.3  

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

         $  13.9  
       

 

 

  
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      12.0  

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      0.0  

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      109.1  

Signature Bank

    iHeartMedia Management Services, Inc.      0732      Investment      117.9  
           

 

 

  

Total Above

             $ 239.0  

Total Cash

             $ 252.9  
           

 

 

  
 

 

 

 

MOR-8    Page 12 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:    iHeartMedia, Inc.    Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)      

Cash Account Reconcilation

(USD $ millions)

 

Book-To-Bank Cash Reconciliation

 

Beginning Book Balance (1)

    $  178.9  

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

      42.3  

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

      —    
  

 

 

  

Ending Book Balance (MOR-2)

      221.2  

(+) Fidelity Account (Deferred Comp)

      12.0  

(+) Utility Deposit Account

      3.4  

(+) ABL Reserve Account

      —    

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

      16.3  
  

 

 

  

Ending Bank Balance

    $ 252.9  
  

 

 

  

Notes:

(1)

The Beginning Book Balance reflects the balance as of December 31, 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.       Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)         

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      31-Jan-19  
18-31274  

iHeartMedia, Inc

   $ —       $ 196,398     $ 181,194     $ 142,084     $ —       $ —       $ 684,796     $ 187,500     $ 37,966     $ 261,289      $ 4,135  
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        2,393,852  
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        242,267  
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        9,148,370  
18-31285  

Capstar TX, LLC

     7,883       2,586       —         449       814       20,126       4,313,946       810       4,749       760        624  
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        8,473,091  
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        14,885  

 

Exhibit A    Page 14 of 16

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION

 

Case Name:    iHeartMedia, Inc.       Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)         

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     31-Jan-19  
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       15,662,228  
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       176,492,593  
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       55,648,144  
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       1,200  
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       22,192,550  
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       6,277,166  
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       6,230,025  
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     $ 302,781,131  

 

(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.       Petition Date:    March 14, 2018
Case Number:    18-31274 (MI)         

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     31-Jan-19  

Total Payments to Insiders

   $ 6.1     $ 3.7     $ 3.7     $ 3.7     $ 6.3     $ 0.7     $ 6.2     $ 0.7     $ 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     $ 12.3  

2. Moelis & Company (Debtors’ financial advisor)

     —         —         —         —         2.7       1.4       0.8       0.8       0.4       0.2  

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       0.1  

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       0.3  

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       0.3  

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       0.1  

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       —         0.2  

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       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       0.1  

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       0.1  

25. Stoock & Stroock & Lavan LLP (counsel to Wilmington Trust, N.A. as successor trustee to the 9% PGNs due 2019, trustee to the 9% PGNs due 2021, and successor trustee to the 9% PGNs due 2022)

     —         0.1       —         0.1       —         0.2       —         0.0       0.1       0.1  

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       0.7  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Payments to Professionals (2)

   $ 1.4     $ 1.0     $ 1.4     $  15.7     $ 10.1     $ 15.8     $  21.0     $ 12.8     $ 12.7     $ 14.5  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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.

  

 

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