Chapter 11 for American Idol; Core Entertainment Owes Crestview $398MM
The Wall Street Journal reported that Core Entertainment, the owner and producer of American Idol, has filed for Chapter 11 protection.
According to the Journal, Core has been in talks with its lenders, including Crestview Media Investors, a major stakeholder in its $398 million senior debt.
Core’s bankruptcy filing indicates that it has reached an agreement n principle with Crestview and an ad hoc group of its senior lenders on a debt restructuring. However, the deal has yet to be finalized.