iHeartMedia, Inc. - FORM 8-K - EX-99.1 - November 15, 2018

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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  

Revenues (MOR-6)

      417.9       318.7        305.9       281.1        299.4        329.5        —          —          —    

Operating Income (MOR-6)

      63.9       80.9        77.1       55.2        76.8        62.4        —          —          —    

Net Income (Loss) (MOR-6)

      (139.8 )      57.7        (119.7 )      49.6        66.9        11.9        —          —          —    

Payments to Insiders (MOR-9)

      6.1       3.7        3.7       3.7        6.3        0.7        —          —          —    

Payments to Professionals (MOR-9)

      1.4       1.0        1.4       15.7        9.7        15.8        —          —          —    

Total Disbursements (Exhibit A)

      306.4       260.2        622.1       251.7        396.1        254.8        —          —          —    

 

**

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 ☒ No ☐

      Various  

Worker’s Compensation

   

Yes ☒ No ☐

      Nov-18  

General Liability

   

Yes ☒ No ☐

      Nov-18  

Auto Liability

   

Yes ☒ No ☐

      Nov-18  

Other

   

Yes ☒ No ☐

      Various  

 

Attorney Name:   Patricia B Tomasco
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 October 18, 2018, the Debtors filed an updated Plan of Reorganization (Docket #1632) and an

 

 

updated Disclosure Statement (Docket #1633). 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, and 1627).

 

 

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.

 

 

SIGNED X  

/s/ Scott D. Hamilton

 

    Title:      Senior Vice President,
Chief Accounting Officer,
and Assistant Secretary

 

  (Original Signature)      
Scott D. Hamilton       11/13/2018
(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. 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  

Current Assets

                     

Cash and cash equivalents

    $ 120,121      $ 240,683      $ 275,391      $ 57,370      $ 157,610      $ 89,481      $ 76,154  

Accounts receivable, net of allowance

      728,528        706,389        734,391        777,958        743,602        750,174        809,974  

Intercompany Receivable

      —          —          —          2,329        —          —          —    

Prepaid expenses

      118,179        120,873        105,675        113,028        116,428        112,458        115,308  

Other current assets

      83,269        50,199        62,786        22,825        36,486        25,900        25,651  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Current Assets

      1,050,097        1,118,144        1,178,243        973,510        1,054,126        978,013        1,027,087  

Property, Plant and Equipment

                     

Other property, plant and equipment, net

      473,231        469,664        466,603        466,089        461,270        461,122        462,609  

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  

Other intangibles, net

      230,075        216,820        203,535        190,154        176,864        173,998        171,134  

Goodwill

      3,335,433        3,335,433        3,335,433        3,335,433        3,335,433        3,335,433        3,335,433  

Other Assets

                     

Other assets

      47,398        47,899        47,860        49,050        49,254        55,143        58,080  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Assets

    $ 7,579,019      $ 7,630,745      $ 7,674,458      $ 7,457,020      $ 7,519,424      $ 7,446,186      $ 7,463,669  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

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  

Current Liabilities

              

Accounts payable

   $ 15,001     $ 35,199     $ 36,329     $ 44,342     $ 44,448     $ 43,927     $ 49,737  

Intercompany payable

     193       16,999       14,690       —         18,636       34,943       9,227  

Accrued expenses

     90,026       137,072       172,405       236,453       246,399       214,887       240,412  

Accrued interest

     1,363       1,325       1,702       427       486       517       592  

Deferred income

     137,592       142,293       142,300       133,420       129,482       129,082       130,236  

Short-term DIP financing

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Current Liabilities

     244,175       332,888       367,426       539,642       564,451       448,356       430,204  

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  

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  

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 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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  

Post-Petition Liabilities

                  

Accounts payable

    $ 35,199      $ 36,329      $ 44,342      $ 44,448      $ 43,927      $ 49,737  

Intercompany payable

      16,999        14,690        —          18,636        34,943        9,227  

Accrued expenses

                  

Accrued compensation

      58,867        64,874        72,706        81,761        52,850        65,652  

Accrued benefits

      9,024        7,054        9,283        8,220        8,232        8,167  

Accrued insurance

      25,375        26,024        27,420        26,045        26,555        27,536  

Accrued other

      43,806        74,453        127,044        130,373        127,250        139,057  

Accrued interest

      1,325        1,702        427        486        517        592  

Deferred income

      142,293        142,300        133,420        129,482        129,082        130,236  

Short-term DIP financing

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

Total long term liabilities

      603,868        603,113        235,930        234,723        233,692        233,769  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Post-Petition Liabilities

    $ 936,756      $ 970,539      $ 775,572      $ 799,174      $ 682,048      $ 663,973  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

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 September 30, 2018 (1)

 

Days

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

Current

   $ 42,971     $ 9,227     $ 65,652     $ 8,167     $ 27,536     $ 139,057     $ 592     $ 130,236     $ 233,769     $ 657,207  

1-30

     5,569       —         —         —         —         —         —         —         —         5,569  

30-60

     749       —         —         —         —         —         —         —         —         749  

60-90

     418       —         —         —         —         —         —         —         —         418  

90+

     30       —         —         —         —         —         —         —         —         30  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 49,737     $ 9,227     $ 65,652     $ 8,167     $ 27,536     $ 139,057     $ 592     $ 130,236     $ 233,769     $ 663,973  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Aging of Accounts Receivable as of September 30, 2018 (1)

 

    

 

Days

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

Current

    $ 11,545      $ 6,778      $ 6,540      $ 5,399      $ 6,409      $ 319,163      $ 355,834  

31-60

      8,588        4,859        5,808        4,673        1,030        165,566        190,524  

61-90

      8,374        6,586        5,887        7,964        3,505        116,921        149,237  

91+

      2,613        6,862        2,997        2,767        5,314        118,282        138,835  

Less: Allowance For Doubtful Accounts

                        (24,456 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 31,120      $ 25,085      $ 21,232      $ 20,803      $ 16,258      $ 719,932      $ 809,974  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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  

Revenue

   $ 417,946     $ 318,665     $ 305,885     $ 281,124     $ 299,394     $ 329,466  

Operating expenses:

            

Direct operating expenses (excludes depreciation and amortization)

     130,489       89,716       87,526       83,875       86,475       96,767  

Selling, general and administrative (excludes depreciation and amortization)

     165,657       107,831       111,721       102,724       104,603       115,083  

Corporate expenses (excludes depreciation and amortization)

     22,778       18,570       7,436       17,540       19,449       10,442  

Depreciation and amortization

     34,377       21,577       21,393       21,406       10,818       10,812  

Impairment charges

     —         —         —         —         —         33,151  

Other operating income (expense), net

     (714 )      (77 )      (692 )      (333 )      (1,294 )      (831 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

     63,931       80,894       77,117       55,246       76,755       62,380  

Interest income (expense), net

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

Equity income (loss) of nonconsolidated affiliates

     (6 )      (21 )      (10 )      (11 )      (10 )      (10 ) 

Other income (expense), net

     (85 )      (1,966 )      (2 )      (255 )      107       8  

Reorganization items, net (2)

     202,452       21,022       37,321       15,071       19,916       17,489  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (Loss) before income taxes

     (148,783 )      55,080       34,190       39,182       56,170       43,744  

Income tax benefit (expense)

     8,979       2,630       (153,851 )      10,369       10,749       (31,799 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss)

   $ (139,804 )    $ 57,710     $ (119,661 )    $ 49,551     $ 66,919     $ 11,945  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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  

Receipts

             

Net Operating Receipts

    $ 427.2     $ 297.3     $ 268.2     $ 331.0     $ 311.6     $ 267.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Receipts

      427.2       297.3       268.2       331.0       311.6       267.4  

Disbursements

             

Rent (Non-Site Leases)

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

Payroll

      (75.5 )      (64.3 )      (55.3 )      (56.9 )      (82.0 )      (55.6 ) 

Payroll Tax

      (41.7 )      (32.3 )      (27.2 )      (40.7 )      (29.9 )      (25.6 ) 

Benefits

      (27.6 )      (22.0 )      (19.5 )      (20.2 )      (22.2 )      (19.8 ) 

General AP

      (124.2 )      (118.1 )      (106.3 )      (99.0 )      (125.3 )      (89.6 ) 

Utilities/Telecom

      (6.5 )      (4.5 )      (3.5 )      (4.7 )      (5.6 )      (4.3 ) 

Management Fees

      —         —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Disbursements

      (295.8 )      (254.2 )      (225.8 )      (233.1 )      (279.8 )      (208.4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating Cash Flow

      131.4       43.0       42.4       97.9       31.8       59.0  

Debt Paydown (3)

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

ABL Draw (4)

      —         —         118.3       —         —         —    

Interest

      —         —         —         —         —         —    

ABL Adequate Protection Interest

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

Capex

      (6.9 )      (2.9 )      (7.2 )      (2.3 )      (5.9 )      (5.4 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Cash Flow Before Intercompany

      122.2       38.0       (234.2 )      95.0       (74.7 )      28.4  

Intercompany Transfer from / (to) Non-Filing Entities (5)

      11.7       (2.3 )      (17.0 )      21.0       16.3       (25.7 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Operating Cash Flow

      133.9       35.7       (251.2 )      115.9       (58.4 )      2.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Restructuring Activities

             

Restructuring Professional Fees (MOR-9)

      (1.4 )      (1.0 )      (1.4 )      (15.7 )      (9.7 )      (15.8 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Cash Flow

    $ 132.5     $ 34.7     $ (252.6 )    $ 100.2     $ (68.1 )    $ (13.1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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)

  

 

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

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)

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.

(4)

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

(5)

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 September 30, 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     0.5  

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     0.1  

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     2.1  

Bank of America

   iHeartMedia Management Services, Inc.   1402   Master Disbursement     0.8  

Bank of America

   iHeartMedia Management Services, Inc.   6466   Lockbox Concentration     6.0  

Citibank

   iHeartMedia Management Services, Inc.   9340   Deposit     0.1  

Citibank

   iHeartMedia Management Services, Inc.   6001   Deposit     0.2  

Citibank

   iHeartMedia Management Services, Inc.   9359   Deposit     0.3  

Citibank

   iHeartMedia Management Services, Inc.   5075   Deposit     0.2  

Citibank

   iHeartMedia Management Services, Inc.   1943   Deposit     —    

Frost

   iHeartMedia Management Services, Inc.   0148   Deposit     0.1  

U.S. Bank

   iHeartMedia Management Services, Inc.   5070   Disbursement     —    

U.S. Bank

   iHeartMedia Management Services, Inc.   5088   Disbursement     0.0  

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

         $ 14.7  
       

 

 

  

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     11.9  

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     —    

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     24.1  

Signature Bank

   iHeartMedia Management Services, Inc.   0732   Investment     51.7  
       

 

 

  

Total Above

         $ 87.6  

Total Cash

         $ 102.3  
       

 

 

  
 

 

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)

    $ 89.5  

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

      (13.1 ) 

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

      (0.2 ) 
  

 

 

  

Ending Book Balance (MOR-2)

      76.2  

(+) Fidelity Account (Deferred Comp)

      11.9  

(+) Utility Deposit Account

      3.4  

(+) ABL Reserve Account

      —    

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

      10.9  
  

 

 

  

Ending Bank Balance

    $  102.3  
  

 

 

  

Notes:

 

(1)

The Beginning Book Balance reflects the balance as of August 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  

18-31274

    iHeartMedia, Inc   $ —       $ 196,398     $ 181,194     $ 142,084     $ —       $ —       $ 684,796  

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  

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  

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  

18-31285

    Capstar TX, LLC     7,883       2,586       —         449       814       20,126       4,313,946  

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  

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  

 

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  

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  

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  

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  

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  

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  

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  

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  

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  

 

(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  

Total Payments to Insiders

   $ 6.1     $ 3.7     $ 3.7     $ 3.7     $ 6.3     $ 0.7     $ —       $ —    

Payments to Professionals (2)

                

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

   $ —       $ —       $ —       $ 7.2     $ —       $ 3.0     $—         $ —    

2. Moelis & Company (Debtors’ financial advisor)

     —         —         —         —         2.7       1.4       —         —    

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

     —         —         —         —         —         —         —         —    

4. Jackson Walker (Debtors’ co-counsel)

     —         —         —         0.2       0.1       0.1       —         —    

5. Alvarez & Marsal (Debtors’ restructuring advisor)

     —         —         —         3.2       2.4       2.1       —         —    

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

     0.4       0.3       0.5       0.4       0.2       —         —         —    

7. Ernst & Young (Debtors’ auditor)

     —         —         —         —         —         —         —         —    

8. PricewaterhouseCoopers (Debtors’ tax and accounting advisor)

     —         —         —         1.6       —         0.5       —         —    

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

     —         —         —         —         —         0.6       —         —    

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

     —         —         —         —         0.5       —         —         —    

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

     —         —         —         —         —         2.5       —         —    

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

     —         0.2       0.2       0.3       0.5       —         —         —    

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

     0.4       —         0.4       0.2       —         —         —         —    

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       —         —         —    

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)

     —         —         —         —         —         —         —         —    

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

     —         —         —         1.8       2.1       1.9       —         —    

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

     —         —         —         —         —         0.7       —         —    

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

     —         —         —         0.4       0.6       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       —         —    

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

     —         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       —         —    

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       —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Payments to Professionals (2)

   $ 1.4     $ 1.0     $ 1.4     $ 15.7     $ 9.7     $ 15.8     $ —       $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

iHeartMedia, Inc. Reports