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San Antonio Based iHeartMedia Files For Bankruptcy

iHeartMedia, the largest US radio company, has filed for bankruptcy protection, in Houston

The San Antonio-based company has announced it's reached an agreement with creditors and investors to restructure more than 10 billion dollars in debt. That's 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 Media’s filing is not expected to affect their radio operations, streaming service, or concerts. The company owns almost 850 radio stations across the United States.

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