The NYPost has learned.
However, the lenders, led by Symphony Asset Management, will not sign the deal unless Franklin ultimately agrees to the terms, a source close to the negotiations said Monday.
The lenders’ latest proposal calls for them to gain control of 49 percent of iHeart — with exiting equity holders retaining 51 percent of the value, a regulatory filing Monday revealed.
Franklin, which owns $2.3 billion of the company’s $20 billion in debt, is reviewing the proposal, sources said.
The company, which has been trying to restructure $14.6 billion in debt since mid-March, said it still hasn’t reached an agreement with its lenders and bondholders, according to a filing with the Securities and Exchange Commission Monday.