http://www.bloomberg.com/news/2013-11-29/clear-channel-burning-cash-to-delay-reckoning-corporate-finance.html"Clear Channel Communications Inc. is offering to double interest to push out maturities on some of the
$4.3 billion it owes, just as the most-leveraged U.S. broadcaster suffers the first cash-flow deficit in four years.
The company said on Nov. 25 that it’s seeking to extend about $1.8 billion of borrowings due in 2016 by three years to five years, which Fitch Ratings estimates would boost interest costs as much as $55 million annually.
While the proposal gives Clear Channel more time to turn around a business that’s posted losses every year after Bain Capital Partners LLC and Thomas H. Lee Partners LP took control in 2008, it also raises the company’s risk of missing interest payments on $20.7 billion of debt, according to Moody’s Investors Service. After capital expenses, Clear Channel ran a deficit from operations in the year ended June, meaning the company had to eat into cash that’s declined more than 60 percent since the end of 2010 to $704.2 million."
So maybe, just maybe, there's light at the end of the tunnel? [Bain Capital, that rings a bell somewhere...

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