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Financed by more than $20 billion in debt, iHeartCommunications and dozens of subsidiaries sued the Bank of New York Mellon, saying repayment of an outstanding series of bonds would put it “between the proverbial rock and hard place.”

SAN ANTONIO, Texas – Financed by more than $20 billion in debt, iHeartCommunications and dozens of subsidiaries sued the Bank of New York Mellon, saying repayment of an outstanding series of bonds would put it “between the proverbial rock and hard place.”

To avoid triggering a springing lien, the media giant formerly known as Clear Channel Communications wants a court to preserve the status quo.

Bexar County District Court

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Categories / Business, Entertainment, Media