Clear Channel to go Bankrupt

[TakeItFromMe]

Someone brighter than me explain this ??? Clear Channel is about to do a "pre-packaged" bankrupcy allowing them to restructure their debt and contracts like Chrysler ??? Does this mean talent contracts are a pile of waste paper and the banks debt is reworked. Do they get a government bailout ??? Do they shut down non-performing operations like Chrysler plans to do :-[ What happens to talent like Seacrest, T-Man, Delilah if the company goes banko What happens to the local people here :-\

 

[SeattleRadioPro]

Re: Clear Channel to go Bankrupt - fuggedaboutit!

Nice try, Fitz. But it ain't happening. :-\ :'( ???

Go read this story: http://www.nypost.com/seven/05142009/business/signs_of_distress_169230.htm.

Actually, I'll save you the trouble. ;D The new CC owners also own some of the debt in the company , so they don't want to foreclose on themselves :'(. So prepackaged or otherwise, forget about a CC bankruptcy. 8)

Did I get enough emoticons?

 

[LITTLEBOYBLUE]

If CC wanted Federal bailout they should have done that during the LAST administration when the "President in our pocket" was still at 1600.

 

[TakeItFromMe]

Seattleradiopro. Hey cowboy, you might want to check out the lead story on the home page of this radio board or in the Wall Street Journal or in a memo released today at CC rather than NY post blogs.
Just a suggestion

One emoticon good for ya.

 

[searadiofreak]

Seattleradiopro. Hey cowboy, you might want to check out the lead story on the home page of this radio board or in the Wall Street Journal or in a memo released today at CC rather than NY post blogs.
Just a suggestion

One emoticon good for ya.

Yes, most media reports say some sort of bankruptcy for CC will occur. I'm not a legal analyst so I don't really know the complexities of it. However, at the very least, I could see more sell-offs of assets, which might not be a bad thing. (No emoticon, sorry.)

 

[TakeItFromMe]

April 30 NY Times and Wall Street Journal article splains how the Bain capital dudes got their payoff at the start and so did their equittee :-[ Banks are holding the bag so I smell a shoot out at the Clear Channel Corral but my starting question remains. In a bankruptcy do all talent contracts go away, do they dump non performers (KNBQ? KFNK?) that they overpaid to buy ??? Respectable articles and trades call it a "pre-packaged Banruptcy" I call it highway robbery if the Equitiy gets paid, you know the banks get a government bailout and so it is the local folk and the talent screwed :-X

 

[TVradioguru]

April 30 NY Times and Wall Street Journal article splains how the Bain capital dudes got their payoff at the start and so did their equittee :-

Priceless... The sentence speaks volumes.

 

[djdan]

I'll pass on the emoticons. Clear Channel does appear to be filing for bankruptcy. I read the NY Times article a week ago and though I rarely agree with TIFM, I do on this issue. Bain got paid, the banks got bailed out and CC does appear to be filing for bankruptcy to reduce debt payments and get out of expensive talent and other contracts. The Hogan's were the real winners in all this. The losers are the talent, the radio vendors, and let's not forget the listeners.

 

[Bongwater]

I'll pass on the emoticons. Clear Channel does appear to be filing for bankruptcy. I read the NY Times article a week ago and though I rarely agree with TIFM, I do on this issue. Bain got paid, the banks got bailed out and CC does appear to be filing for bankruptcy to reduce debt payments and get out of expensive talent and other contracts. The Hogan's were the real winners in all this. The losers are the talent, the radio vendors, and let's not forget the listeners.

....let's not forget sales, receptionists, janitors, etc. either. Everyone loses.....