Broadcaster IHeart may declare bankruptcy

Embattled IHeartMedia is circulating documents for a bankruptcy filing that could come as soon as this weekend for the biggest U.S. radio broadcaster.

A bankruptcy filing is all but certain, with iHeart and creditors each swapping proposals in recent weeks for a consensual restructuring. But pressure is mounting on iHeart after it missed a Feb. 1 interest payment, with a 30-day grace period about to run out. percent in January, while their incomes jumped because of last year’s tax cuts.

The Commerce Department said Thursday that the modest spending increase followed gains of 0.4 percent in December and 0.8 percent in November. Incomes rose 0.4 percent, boosted by $30 billion in tax cut-related bonuses the government estimates were paid out in January.

After-tax income jumped 0.9 percent, the most in a year, lifted by the Trump administration’s tax cuts. expanded in February at the fastest pace in nearly 14 years — gains driven in part by a jump in hiring.

The Institute for Supply Management, a trade group of purchasing managers, reported Thursday that its manufacturing index climbed to 60.8 in February from 59.1 in January. This was the strongest reading since May 2004. Any score above 50 signals growth.

The gains in the survey largely came from a surge in the employment and inventory components of the index. New orders and production expanded in February but at a slightly slower rate than in January.