Business & Finance
IHeart’s Debt Collapses, Shares Sink 67% After Big Earnings Miss
Key Points
IHeart’s Debt Collapses, Shares Sink 67% After Big Earnings Miss IHeartMedia Inc.’s debt has plunged to record lows along with its shares after the audio-entertainment company’s latest earnings projections fell far short of analyst estimates. The price of its high-yield bond due in May 2029 tumbled by more than 20 cents this week, a move rarely seen across credit markets, according to Trace data. It trades around 58 cents on the dollar, a level typically indicating deep financial distress.
IHeart’s Debt Collapses, Shares Sink 67% After Big Earnings Miss
IHeartMedia Inc.’s debt has plunged to record lows along with its shares after the audio-entertainment company’s latest earnings projections fell far short of analyst estimates.
The price of its high-yield bond due in May 2029 tumbled by more than 20 cents this week, a move rarely seen across credit markets, according to Trace data. It trades around 58 cents on the dollar, a level typically indicating deep financial distress.