IHeartMedia Inc. said it received an order from a Texas court temporarily blocking its bondholders from stating in court that the radio broadcaster defaulted on its debt by transferring $500 million of assets to one of its subsidiaries, Bloomberg News reported today. The company, which was formerly known as Clear Channel Communications Inc., said in a regulatory filing yesterday that the State District Court in Bexar County, Texas, issued a temporary restraining order rescinding notices of default that were sent by its creditors. In addition, the court blocked the lenders from filing additional default notices based on the move. As a condition, IHeart said that it agreed not to sell or transfer any shares of its Clear Channel Outdoor Holdings Inc. subsidiary until a hearing is held.
