As mediation continues between iHeartMedia and a group of its creditors and a trial gets underway to resolve their dispute, iHeart says that the two sides have exchanged proposals to amend the terms of the company’s credit agreement and, through a series of exchange offers, its priority guarantee notes.

In an 8-K filing with the Securities and Exchange Committee, iHeart says that, as part of the mediation talks, some of the debt holders submitted a proposal to the company on May 13. That was followed on May 15 by a counterproposal from the company.

While the mediation continues, a trial began today in State District Court in Bexar County, Texas to determine the legality of a contested stock transfer iHeart made from one subsidiary to another last December. “The outcome of the litigation may have a substantial bearing on the outcome of these negotiations, which may be discontinued at any time by any party,” the company said in Monday’s 8-K filing. It notes that “there can be no assurance that any agreement will be reached” by iHeart and the creditors or any other of the company’s debt holders over “any or all of the issues” contained in the proposals. What’s more, the filing notes, the transactions outlined in the proposals would require an amendment to the company’s credit agreement and, through a series of exchange offers, the priority guarantee notes. The proposed transactions would also require the approval of additional debt holders who aren’t part of the negotiations, the company said.

In a statement released Monday morning, iHeart reiterated its position that the contested stock transfer “complied with our financing agreements” and that it looks forward “to the expedited trial on the merits of our case” and a ruling “that affirms our position.” The company said that the proposals from both sides “address a broader solution than what is at issue in the trial and that it has had “productive conversations over time with many of our lenders as we continue to focus on executing on our strategic plan and realize the financial benefit for all our stakeholders.”

Meanwhile, according to Reuters, iHeart has brought in Millstein & Co as an additional restructuring advisory firm, to help it evaluate options for its debt, including buying some of it back.