Certain lenders and noteholders of iHeartMedia Inc. on Monday said John Malone’s Liberty Media Corp. proposed to buy a 40 percent stake in a restructured version of iHeart for $1.16 billion, Reuters reported. The offer comes less than a month after struggling radio station owner iHeart skipped a $106 million interest payment, triggering a 30-day grace period to buy more time to restructure its $20 billion debt and avoid bankruptcy. yesterday's proposal, which was made public via a term sheet issued to certain lenders and noteholders of iHeart, is intended to comply with existing restructuring support agreement discussions. Liberty is willing to finance working capital needs once iHeart has filed for chapter 11 protection through a debtor-in-possession financing facility, according to the document. In return, Liberty will receive 40 percent of the new shares of the company along with its majority held subsidiary Sirius XM Holdings Inc.
