Case Study: iHeartMedia reduces debt and secures bankruptcy deposit management with Stretto

iHeartMedia - Customer Case Study

iHeartMedia, a major media and entertainment company, faced significant financial challenges due to its $16 billion debt load and industry shifts, which limited its cash flow. Following a leveraged buyout, the company filed for Chapter 11 to restructure. They engaged vendor Stretto to provide specialized deposit management services to support this process.

Stretto implemented a compliant banking solution that resolved an objection from the U.S. Trustee, avoiding litigation and minimizing management distraction. This allowed iHeartMedia to maintain full access to its deposits and operational liquidity throughout the bankruptcy. As a result of the overall restructuring, in which Stretto played a key role, iHeartMedia successfully reduced its debt from $16.1 billion to $5.75 billion.

iHeartMedia