Kleinfeld a loser again No love for iHeartMedia

Klaus Kleinfeld on Friday lost his second job in a week.

Recently ousted as CEO of aluminum giant Arconic, Kleinfeld resigned from his position on Morgan Stanley’s board, according to a regulatory filing.

Kleinfeld was ousted from Arconic on Monday after the board discovered he sent an unauthorized letter to activist investor Paul Singer that demonstrated “poor judgment.”

Singer’s Elliott Management had for the last three months been aggressively and publicly pushing for Kleinfeld’s exit.

The letter was interpreted as “a threat to intimidate or extort” Singer by recalling his alleged partying activities during the 2006 World Cup.

Kleinfeld still sits on the board of Hewlett Packard Enterprise, whose chairman, Patricia Russo, was named interim chair of Arconic following Kleinfeld’s exit. Carleton English

A group of iHeartMedia lenders has signed a cooperation agreement to oppose the debt overhaul of the largest owner of US radio stations, presenting a threat to the company’s bid to avoid bankruptcy, people familiar with the matter said.

The move shows how iHeartMedia, which says it has more than a quarter of a billion monthly radio listeners in the US, is struggling to find a solution that would significantly slash its $20 billion debt pile outside of bankruptcy court.

iHeartMedia needs more than 50 percent of the holders of its term loans to approve a debt swap for it to complete its proposed overhaul. iHeartMedia has already pushed back the deadline for its loan swap offer twice, and sweetened it once before. The latest deadline expired on Friday.