Unrestricted Subsidiary Shenanigans: iHeartMedia Version

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Last week we wrote about Caesars and the "mess" that ensued after beleaguered creditors went after PE funds for value transfers to unrestricted subsidiaries (a playbook recently deployed in J.Crew, as well). This past week a judge ruled in favor of the company in iHeartMedia Inc., ruling that an equity transfer to an unrestricted sub didn't equate to a default. Elsewhere in iHeartMedia world, lots of negotiations and due diligence (per Reorg Research).