Two of San Antonio’s most recognizable companies have landed on a list that could signal they’re on a precarious path. Both Rackspace Technology Inc. and iHeartMedia Inc. made analytics company Debtwire’s ominous listing of the top 10 companies most likely to enter a “restructuring” — which could include bankruptcy — in July. A spokeswoman for Rackspace, a cloud computing company, brushed off concerns that a bankruptcy reorganization or any other restructuring could be around the bend.
San Antonio CEOs got bigger paychecks last year as companies' profits fell. See who took home most. Debtwire has come up with with what it says is the industry’s “first predictive score for leveraged” companies and their likelihood of becoming “stressed, distressed or entering a restructuring.
Rackspace growing up': Take a look inside San Antonio tech firm's new downsized digs It’s also been working to refinance debt. In March, Rackspace said it closed a private exchange with some creditors, eliminating $375 million in debt. Debtwire said Rackspace reduced its debt by $336 million through what it called “distressed exchanges.