Some Holders of Stressed IHeartMedia Bond Working With Law Firm

Some holders of a $500 million iHeartMedia Inc. bond are working with law firm Akin Gump Strauss Hauer & Feld ahead of a possible debt restructuring at the radio-station heavyweight, according to people familiar with the situation.

The group holds a majority of the privately placed issue, sold in 2019, and members have entered into a cooperation agreement that requires joint action by the investors, said the people, who asked not to be identified discussing a private matter.

The members have also sent a letter to iHeart, saying they wants to work with iHeart and other creditors to help ...