iHeart Skips Another Interest Payment; Approves Millions in Executive Bonuses
courtesy AllAccess.com March 1, 2018 at 5:10 AM (PT)
iHEARTMEDIA has filed a Form 8-K with THE SECURITIES AND EXCHANGE COMMISSION, making public that its Board of Directors has elected not to make the interest payments due on MARCH 1st, 2018 of approximately $59.1 million with respect to its outstanding 11.25% Priority Guarantee Notes due 2021 and of approximately $78.8 million with respect to its outstanding 9.0% Priority Guarantee Notes due 2021.
The Board of Directors of iHEARTCOMMUNICATIONS noted it elected not to make the payments, “as active discussions continue among its lenders, noteholders, and financial sponsors regarding a comprehensive debt restructuring. Under the indentures governing the Notes, iHEARTCOMMUNICATIONS has a 30-day grace period to make the interest payments before such default triggers an event of default.”
In a separate 8-K filing late yesterday, iHEART’s Compensation Committee of the Board of Directors approved bonus payments for several executives ahead of an expected reorganization.
- ROBERT W. PITTMAN: The Compensation Committee approved a bonus opportunity for ROBERT W. PITTMAN, the Company’s Chairman and Chief Executive Officer, under a new 2018 Key Incentive Bonus Plan, pursuant to which Mr. PITTMAN will be eligible to earn a target bonus for each calendar quarter of 2018 of $2,325,000.
- RICHARD J. BRESSLER: The Compensation Committee approved a bonus opportunity for RICHARD J. BRESSLER, the Company’s President, Chief Operating Officer and Chief Financial Officer, under the 2018 KEIP, pursuant to which Mr. BRESSLER will be eligible to earn a Quarterly Bonus for each calendar quarter of 2018 of $1,325,000.
- ROBERT H. WALLS, JR.: The Compensation Committee approved a bonus opportunity for ROBERT H. WALLS, JR., the Company’s Executive Vice President, General Counsel and Secretary, under the 2018 KEIP, pursuant to which Mr. WALLS will be eligible to earn a Quarterly Bonus for each calendar quarter of 2018 of $225,000.
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