IHeartMedia Inc. won more time to try to convince a Texas judge that the company properly shifted shares valued at more than $500 million into a subsidiary beyond some creditors’ reach, Bloomberg News reported yesterday. Andrew Entwistle, a lawyer representing Gamco Investors Inc., an intervenor in the case on the company’s side, said that a temporary restraining order prohibiting debtholders from issuing default notices on the company was extended on Wednesday by agreement among the parties. A trial over the asset shift will be held in San Antonio on May 16. The extension means holders of the company’s priority guarantee notes can’t immediately issue notices of default that might have triggered calls on more than $12 billion of debt and must wait until the judge rules whether the company’s asset transfer was valid.
