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Crippled by falling revenue and piles of debt, radio conglomerate iHeartMedia has filed for bankruptcy.The beleaguered company announced Thursday that it has reached an agreement with creditors and investors to restructure more than billion in debt, about half of what it currently owes investors."The agreement we announced today ... allows us to definitively address the more than billion in debt that has burdened our capital structure," iHeartMedia CEO Bob Pittman said in a statement.The company said it had enough cash to support it through Chapter 11 proceedings.Last year, iHeartMedia flagged "substantial doubt" about its ability to continue as a going concern, as it struggled to get out from under a massive debt load it took on as part of a leveraged buyout of billboard company Clear Channel Outdoor in 2008.Related: Clear Channel changes name to iHeartMediaWhile the San Antonio-based company bills itself as a multi-platform media company, it is best known for operating about 850 radio stations across the United States. It also owns iHeartRadio's music streaming service, a popular concert business, and a majority stake in Clear Channel Outdoor.The company has struggled with falling revenue in recent years, as it competed with streaming rivals like Spotify and Pandora.The bankruptcy filing comes as Spotify prepares for its much anticipated billion listing on the New York Stock Exchange.The-CNN-Wire 1440
Community Health Centers that care for hundreds of thousands of low-income San Diegans are bracing for deep cuts. Congress has to act by Sept. 30 to maintain the funds to the centers, or services will start to decrease."This conversation is, do you have a doctor when you need one, who will see you?" said Vernita Todd, Vice President of Health Center Partners of Southern California, an association of 17 health centers in San Diego, Imperial and Riverside counties. The centers are concerned about million of federal money that Congress has yet to renew. The money goes to lower the cost of services like primary care, vaccinations, cancer screenings and physicals. It can help turn a visit that would normally cost 0 into a visit. "If they can't afford it, does that mean they'll forego treatment? Will they forego going to the doctor? Will they skip vaccinations for their children?" Todd said. Earlier this month, Rep. Elise Stefanik, R-NY, introduced a bill to continue the funding for community health centers. It has 13 bipartisan supporters. Her spokesman says she's exploring different ways to move the legislation forward. Todd says she's not concerned the bill wouldn't pass. She just wants it to come up for a vote. But she's worried Congress isn't paying attention to the health center needs because it's focused on issues like Hurricane recovery, repealing the Affordable Care Act, and Immigration. She says the centers would start taking hits Oct. 1, when money for a program that essentially gets doctors to health centers dries up.Then, on Jan. 1, they would lose the biggest lump sum, which could lead to layoffs, closures, and fewer services. There are six San Diego health center locations, including City Heights, San Ysidro, and Vista. You can find the location closest to you here. 1876
COLUMBUS, Ohio — Imagine this scenario, or for some of you, it's been a past reality. You're in the shower and the water suddenly shuts off. You're covered in soap. You go into distress. Then rage overcomes you.In a Facebook post, Cody Vickers documented a similar scenario that happened in Columbus while he was at a construction job. His photo shows a butt-naked man bathing in water spewing from a broken water main near North High Street in Clintonville, the Columbus Dispatch reported.He said, “It’s not every day you see a naked man come out of his house screaming and cussing ... then comes off the porch and finishes taking his shower where the excavator hit the line," in a Facebook post that has since gone viral, getting 137,000 shares and more than 14,000 likes."I was in the f****** shower. I got soap all over me," said Vickers, repeating what the man said when he was met with a trench and a fountain of water. He said the man slung his towel off and ran down the steps, across the sidewalk and over the trench where he met his temporary shower.The Columbus Dispatch reported that the construction crew hit an unmarked line and the man came outside seconds later with a towel around his waist."I couldn't believe he did that. Dude had no shame," Vickers told WEWS. 1307
CLARKSVILLE, Tenn. - It's art with a message, and the purposeful signs can be found throughout Middle Tennessee.The word "vote" is written on each of Paul Collins' artistic animal signs. The art pieces range in shapes sizes and species. Some are even hidden from plain sight while others can't be missed.It's become quite the scavenger hunt for some on the lookout for these signs."I look around and place them by bus stops," Collins said. "I look for the corners that have 'vote for me' signs because that’s fair game."Collins, an Austin Peay State University art professor, started the project 100 days before election day. Although he only planned to create one a day counting down until November 3, more and more people started requesting the signs and now he's made over 200. The signs can be spotted from Springfield to Nashville to Brentwood and Clarksville.Collins is a New Yorker who moved to Tennessee a decade ago and has used this project to see his new home state."A lot of this is getting to know your city," said Collins. "it’s been great to my family part of this was just a love letter to the city and go to places I haven’t been."Collins is doing all of this out of his own pocket and gives away the signs for free. He says as long as it inspires residents to register and vote, it's a job well done."Vote that's it, it's really simple," Collins said, "Exercise the joy and responsibility of being American and vote."The voter registration deadline is October 5. A map of where his artwork is located can be found here.The Clarksville area has an installation of 31 pieces on the Austin Peay State University campus.This story was first reported by Seena Sleem at WTVF in Nashville, Tennessee. 1719
Claire's has filed for bankruptcy. The hub for ear piercings at malls across America is the latest retailer to succumb to its massive pile of debt.Claire's, which says it has pierced more than 100 million ears around the world, reached a restructuring agreement with its creditors. In a Chapter 11 bankruptcy filing on Monday, Claire's said it will reduce its by debt .9 billion. It held .1 billion in debt at the end of 2017.The company will continue to operate its approximately 1,600 Claire's and Icing brand stores in the United States during the bankruptcy process and expects to complete it by September. International stores are not part of the restructuring agreement."This transaction substantially reduces the debt on our balance sheet," Claire's CEO Ron Marshall said in a statement. "We will complete this process as a healthier, more profitable company." Marshall came from now-defunct bookstore chain Borders. Claire's struggles stem from a deal it struck more than a decade ago that left it burdened with debt.In 2007, Apollo Management, a private equity firm, bought Claire's for .1 billion and took the company private in what's known as a leveraged buyout.Claire's could never escape its debt load. As traffic slowed to its brick-and-mortar stores, shoppers moved to digital channels and fast fashion chains such as H&M, Zara and Forever 21 chipped away at sales.Claire's joins a long line of retailers that have filed for bankruptcy in recent years, including Toys "R" Us, Payless Shoes, Gymboree, Rue21, The Limited and RadioShack.Toys "R" Us, another company left deep in debt from a leveraged buyout, said last week that it was liquidating its 735 stores in the United States.Claire's believes a lighter balance sheet will help it avoid Toys "R" Us' fate and still remain a "Girl's Best Friend." And the company says its business is Amazon-proof because you can't pierce your ears online.The-CNN-Wire 1940