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Updated: Clear Channel Taps Credit Facility, Hinting At Problems Ahead

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imageTo the mounting list of media companies struggling with their balance sheets, you can now add Clear Channel (NYSE: CCU) Communications. The Wall Street Journal reported this morning that the radio operator has tapped $1.6 billion of a $2 billion credit facility in preparation for increased debt-interest payments (related to a possible breach of its covenants) and principal payments due on certain bonds in 2013. (Those bonds may be difficult to refinance if the credit markets remain turbulent for several years.)

According to the Journal, the news sent the company