iHeart Creditors Are Open to Bids Including Liberty’s

IHeartMedia Inc.’s hard-won bankruptcy accord allows lenders to re-open the deal if bids emerge from a buyer like Liberty Media Corp. -- a development that some senior creditors would welcome, according to people with knowledge of the process.

Those creditors fought hard for language in the restructuring support agreement that lets them continue to explore “consistent alternative proposals,” said the people, who asked not to be identified because the negotiations are private. That clause was heavily contested in talks before iHeart filed for court protection, a company lawyer said during a bankruptcy hearing on Thursday in Houston.