A group of iHeartMedia Inc.’s junior bondholders accused the broadcaster of negotiating a 2016 deal behind their backs with other investors that ultimately left the holders with weaker claims on assets when iHeart went bankrupt this year.
“We were cheated, and we’re going to prove that,” Jason Zakia, a lawyer representing the group, told Judge Marvin Isgur at a second-day bankruptcy hearing in Houston April 12. The group holds iHeart’s unsecured “legacy” bonds and is represented by law firm White & Case LLP.
Their complaint stems from iHeart’s decision not to repay a small portion of legacy bonds held by ...
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