IHeartMedia Inc.’s hard-won bankruptcy accord allows lenders to re-open the deal if bids emerge from a buyer like Liberty Media Corp. — a development that some senior creditors would welcome, Bloomberg News reported. Those creditors fought hard for language in the restructuring support agreement that lets them continue to explore “consistent alternative proposals,” according to sources familiar with the negotiations. That clause was heavily contested in talks before iHeart filed for court protection, a company lawyer said during a bankruptcy hearing on Thursday in Houston. The group is open to options including a higher offer from Liberty or other strategic buyers who may be attracted by Liberty’s bid for iHeart, the people said. Liberty Chief Executive Officer Greg Maffei had publicly outlined an alternative bankruptcy plan in which Liberty would acquire 40 percent of the new equity, and has said he’s willing to consider taking a larger stake.
