CC Borrows Against Its Own Stimulus Package

[Cameron]

Clear Channel Borrows $1.6 Billion
CLEAR CHANNEL COMMUNICATIONS has borrowed approximately $1.6 billion left from a previous $2 billion line of revolving credit, reports NWAONLINE.COM. CLEAR CHANNEL revealed the latest borrowing in a MONDAY morning filing with the U.S. Securities and Exchange Commission.

CLEAR CHANNEL, a subsidiary of CC MEDIA HOLDINGS INC. borrowed the money to improve its cash flow with continuing uncertainty in credit markets and economic conditions, the filing stated. CC MEDIA HOLDINGS was formed in MAY 2007 by private equity funds sponsored by BAIN CAPITAL PARTNERS and THOMAS H. LEE PARTNERS to buy the CLEAR CHANNEL business.
(sic)
CLEAR CHANNEL in late JANUARY announced a restructuring program to reduce costs by about $350 million per year, including the elimination of 1,850 full-time positions. That's about 9% of the company's employees.
CC MEDIA HOLDINGS and CLEAR CHANNEL OUTDOOR HOLDINGS both will release fiscal year and fourth-quarter earnings before the market opens MARCH 2nd.

Flotin' Money

[Force Commander]

Just when I was ready to nail the borg as my response, I run across this from Eric Rhoads:

http://ericrhoads.blogs.com/ink_tank/

I am interested in hearing if you agree with Mr. Rhoads.

[Swing'n Dick]

I disagree. No CEO feels any remorse. Any form of compassion would hinder you from reaching the top. The 1.6 billion will find it's way into pockets. They're preparing to abandon ship.

[Cameron]

Eric forgot, "...CC don't cancel your subscriptions all at once, we need to absorb that loss over time".

[fearpeddler]

I mourn the days when his raspy ass voice didnt desecrate a what was then decent alternative to 105...... CC dug its own grave as did most of the corporate giants in this country, and for that the people responsible (not just CC execs, ANY executive) should hang in some form or another, whether it be stripping their assets or literally executing them 1 by 1 something needs to be done to make up for all the bad decisions over the last decade...