Struggling radio broadcaster IHeartMedia Inc. reached an agreement with a group of lenders that could forestall a fight over whether the company violated its debt agreement, Bloomberg News reported yesterday. The creditors have agreed to temporarily hold off from filing a default notice claiming that IHeart breached its debt terms by shifting assets to its Broader Media LLC subsidiary last year. Under the standstill agreement, the company won’t move any additional assets. The arrangement, which runs through today, can be extended if both sides agree. The deal gives creditors an opportunity to propose a plan to address IHeart’s more than $12 billion in debt coming due in the next five years.
