11:51 AM EDT, 07/31/2024 (MT Newswires) -- iHeartMedia (IHRT) has kicked off confidential talks with a group of creditors led by Pacific Investment Management Co., Bloomberg reported Wednesday, citing people familiar with the matter.

The radio-station owner had $5.2 billion of long-term debt as of March 31 after borrowings were cut by two-thirds during a Chapter 11 process completed five years ago, according to the report. Private discussions usually involve creating a debt-restructuring proposal that would be shared with a wider group of debtholders if an agreement in principle is reached, Bloomberg reported.

Neither IHeartMedia ( IHRT ) nor Pimco immediately responded to separate requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 1.77, Change: +0.01, Percent Change: +0.86