Pressure Builds: iHeartMedia has opted not to repay $57.1 million of the 5.50% senior notes due Thursday (12/15) and filed lawsuits in Texas seeking a declaration that they remain outstanding and not be subject to a "springing lien" on assets. Concurrently, Moody's has downgraded iHeartMedia's credit rating from stable to negative. "The change in outlook reflects the elevated possibility that the company will restructure its debt over the next year," the ratings agency says (read here). The move follows Fitch's decision to do the same (CAT 12/12). Total iHeartMedia debt is $21 billion.

"Over the past five years, we have transformed iHeartMedia into a leading 21st century media and entertainment company – one that includes some of the industry's most successful platforms across broadcast radio, digital, outdoor, mobile, social and live events," reads a statement from iHeartMedia. "The strength in our operating business gives us the ability to deal with our capital structure, and we are focused on taking additional steps in order to support the long-term growth of this unique multi-platform company." More here.

Cumulus, meanwhile, has launched a private exchange offer for 7.75% of senior notes due in 2019. If 100% of principal is retired and canceled, the company will have exchanged $610 million in unsecured indebtedness for $305 million of secured indebtedness. Cumulus' total debt is $2.4 billion. More here. Relatedly and according to Reuters, the company filed a lawsuit of its own in New York yesterday (12/12) against JPMorgan Chase accusing it of breaching a 2013 credit agreement by "unreasonably" withholding consent to various aspects of the company's effort to refinance its debt. More here.