iHeartMedia is a junk stock and will probably delisted from NYSE soon. Stuff Media will be gutted and lost in the ensuing chaos in the coming years as iHeart desperately attempts again to restructure their debt. Both them and Cumulus Media serve as yet another sad tale of what happens when PEGs descend on in for the rape and pillage.
Private equity groups. Several have been brokering their debt restructuring over the years. Here's their most recent complete restructuring from about a year ago (http://www.insideradio.com/free/restructuring-will-wipe-bill...) (they're currently in bankruptcy at the moment.)
Because the partners collect big fees on the way in and out.
Toys R Us is a great example. The PEG people invested 20%, dumped the debt on the Toys R Us balance sheet, and yielded at least $200M in fees. They are also able to harvest paper losses to offset taxes.
