San Antonio Based iHeartMedia Files For Bankruptcy
The San Antonio-based company has announced its reached an agreement with creditors and investors to restructure more than 10 billion dollars in debt. Thats about half of what it currently owes.
The agreement reflects a balance-sheet-restructuring
that will help reduce their debt. And to implement it, iHeartMedia filed voluntary petitions for relief, under Chapter 11 of the U-S Bankruptcy Code.
In a statement, iHeartMedia CEO Bob Pittman said the agreement is a quote significant accomplishment as it allows us to definitively address the more than 20 billion in debt that has burdened our capital structure.
iHeart Medias filing is not expected to affect their radio operations, streaming service, or concerts. The company owns almost 850 radio stations across the United States.
https://www.houstonpublicmedia.org/articles/news/2018/03/15/273421/san-antonio-based-iheartmedia-files-for-bankruptcy/