YES, CLEAR CHANNEL HAS A MONEY PROBLEM

It did manage to refinance some of its debt but at a much higher interest rate:

FT says the April refinancing of $850 million – which was more than CC originally expected to put out there – “came with a 10% interest rate, double the rate on the debt it replaced.” The story also says that “CC’s expected interest expense of about $1.6 billion in 2014 is about equal to its free cash flow.” Right there, that explains why backers Bain Capital and Thomas H. Lee Partners can’t work CC’s debt below $20 billion.

FT == Financial Times